Today news
About the same in other media
Osborne’s ‘Google tax’ on overseas profits now raises zero revenue, Treasury reveals
Reading now: 331
A “Google tax” introduced by the coalition government to crack down on multinationals shifting profits overseas has been criticised as a “total failure”, as new documents show it is predicted to raise no money over the next six years.
The diverted profits tax, introduced in 2015, was hailed as a pioneering effort to tackle multinationals who were reducing their UK corporation tax by shifting profits overseas.
It was predicted by officials that the tax would raise up to £400m a year, but new figures published with the budget last week show revenues slumping to zero.
Labour’s James Murray, the shadow financial secretary to the Treasury, said: “Rishi Sunak tried to bury it but the diverted profit tax is a total failure. The government’s own
Read more on theguardian.comAbout this in other media
Top UK court blocks legal action against Google over internet tracking theguardian.com /2 years ago
Google survives £3bn class action as lawyers predict drop in group claims fnlondon.com /2 years ago
UK Treasury and central bank will consult on CBDC, potentially launching by 2030 cointelegraph.com /2 years ago
Show more
The website finance-news.co. is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
