UK chancellor announces 2% ‘digital services tax’ on tech giants’ revenues starting in April 2020

UK chancellor announces 2% ‘digital services tax’ on tech giants’ revenues starting in April 2020

5 years ago
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https://techcrunch.com/2018/10/29/uk-chancellor-announces-2-digital-services-tax-on-tech-giants-revenues-starting-in-april-2020/

The UK government has announced a new “digital services” tax of two percent that it plans to start levying on the UK revenues of tech giants like Amazon, Google and Apple based on the money they make on digital services like advertising and streaming entertainment (but not online sales).

Announced as part of the 2018 Budget by UK Chancellor of the Exchequer Philip Hammond, the tax is due to come into effect in April 2020. Hammond said that the government expects to raise more than £400 million ($512 million) annually based on current revenues.