Thursday, 15 November, 2018

New Digital Services Tax in Britain Targets Online Giants

LONDON ENGLAND- NOVEMBER 21  Chancellor of the Exchequer Philip Hammond prepares his speech in his office in Downing Street ahead of his 2017 budget Image The chancellor delivers the budget on Monday
Becky Salazar | 02 November, 2018, 16:16

He also said prisons, schools and local authorities would not have much to celebrate about the new budget and should be preparing for more hard years ahead.

Chancellor of the Exchequer Phillip Hammond has confirmed a "digital tax" in the autumn budget aimed at holding the internet players accountable to reasonable tax rates.

Economics experts at the Fraser of Allander Institute have estimated if Mr Mackay increased the threshold for this in line with inflation, someone earning £50,000 a year in Scotland would pay £1,100 more in income tax than they would elsewhere in the UK.

"If we find cliff edges and difficulties, frictions in the move from the old benefits system to Universal Credit, then of course will always try to smooth those out and be pragmatic about it", he said.

"The government will abolish the use of PFI and PF2 for future projects putting another legacy of labour behind us". "That would not be in the national interest".

The package prompted speculation that the government was preparing the way for an early general election to provide Mrs May with a solid majority in the House of Commons as Brexit comes into effect in the spring.

"Will she apologise for her broken promise that she was going to end austerity, because she has failed to do that?" he said.

Higher earners would have had £860 a year savings after the tax cuts.

Philip Hammond's budget yesterday included giveaways amounting to billions of pounds, widely seen as an attempt to woo voters.

"On public services the NHS saw a big spending boost - but unprotected departments still have further cuts penciled in".

On ending the benefits freeze, Mr McDonnell told ITV's Peston: "We will lift the freeze and we will make sure that from then-on people get a proper cost-of-living benefit on the freeze themselves".

"It's clearly not sustainable, or fair, that digital platform businesses can generate substantial value in the United Kingdom without paying tax here in respect of that business", finance minister Philip Hammond said in his annual budget speech on Monday (Oct 29).

But he said agreement with Brussels would result in a "deal dividend" for the economy.

The changes had been due to come into force in 2020.

"Mr Hammond said it would put "£130 in the pocket of a typical basic rate taxpayer". If we didn't we would face a scenario where some on higher incomes would pay less tax than others on lower incomes'.

"But what the OBR gives the OBR can take away".

In his Budget statement this afternoon, Chancellor Phillip Hammond revealed a two percent "digital services tax" on large tech firms such as Amazon, Facebook and Google.

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