U.K. Mulls Tax Increases on Companies Helped by Pandemic: Times
- Downing Street weighs ‘excessive profits tax’ for pandemic
- Plan could pave way for an online sales tax later in the year
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The U.K. government is weighing tax increases for tech firms and online retailers such as Amazon.com Inc. that prospered during the pandemic, the Sunday Times reported.
Treasury officials summoned tech firms and retailers to discuss this month how an “online sales tax” would work, according to leaked emails seen by the newspaper. Meanwhile, the Downing Street policy unit is also planning an “excessive profits tax” on companies whose profits surged because of the Covid-19 crisis, the newspaper said.