Beyond U.K., Google and tech peers see rising tax tide
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The U.K. just joined a growing array of countries telling Big Tech it’s time to pay up.
Britain’s Chancellor of the Exchequer, Philip Hammond, announced late Monday that Britain will begin taxing the world’s biggest internet companies in April 2020. Raising 400 million pounds ($510 million) a year, the levy affects search engines, social-media services and online marketplaces that are profitable and report annual sales of at least 500 million pounds.
Facebook Inc., Alphabet Inc.’s Google and even Amazon.com Inc. can afford the hit. What they may struggle to absorb is the onslaught of new digital taxes from well beyond the U.K. Nations, regulators and cities are getting bolder about asking tech companies to hand over a portion of profits. Coordinating a global taxation system is no longer the priority.
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