Rishi Sunak arrives at Downing Street 10 in London, February 13, 2020. — Reuters pic
LONDON, Aug 23 — British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a US trade deal, theBritain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US companies.That represents only a fraction of the €200 billion in extra debt the country has racked up since the start of the Covid-19 pandemic.
The tax is also a potential impediment to a post-Brexit bilateral trade deal between Britain and the United States.No one was immediately available for comment at Britain’s finance ministry.quoted a finance ministry representative as saying: “We’ve been clear it’s a temporary tax that will be removed once an appropriate global solution is in place, and we continue to work with our international partners to reach that goal.
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