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 Hammond launches 800million tax crackdown on multinational firms making money in the UK and sending it overseas

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PostSubject: Hammond launches 800million tax crackdown on multinational firms making money in the UK and sending it overseas   Wed Nov 22, 2017 5:18 pm

The Chancellor launched a new tax crackdown on firms moving cash overseas today, unveiling new rules on internet giants and multinationals.



Philip Hammond said he would extend the so-called 'Google tax' to cover new tactics employed by search giants to shield revenue made from UK users.

The rules could extend to multinational firms like McDonalds and Burger King as profits are moved around the world to reduce tax bills.

The new change will mean Britain can collect revenues on activity carried out in the UK even if they are redirected via a third country and not just straight to a tax haven.

Other reforms will mean online marketplaces such as Amazon and eBay are held responsible for paying VAT when sellers on the platforms do not collect and pay the tax.

http://www.dailymail.co.uk/news/article-5108209/Newly-extended-Google-tax-raise-extra-500million.html#ixzz4zCYz8e8x

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Hammond launches 800million tax crackdown on multinational firms making money in the UK and sending it overseas

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