Tax on so­cial me­dia firms

The Courier & Advertiser (Angus and The Mearns Edition) - - NEWS -

So­cial me­dia gi­ants and other on­line firms could face a tax on rev­enues gen­er­ated from UK users un­der plans be­ing con­sid­ered by the Trea­sury.

A move to tax rev­enues rather than profit would be an in­terim mea­sure un­til there could be in­ter­na­tional re­form of the sys­tem for deal­ing with dig­i­tal firms.

The po­ten­tial tax on rev­enues would ap­ply even if the com­pany had no phys­i­cal UK pres­ence.

The Trea­sury stressed that the move was still in its early stages, with no im­me­di­ate plan to im­ple­ment any­thing.

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