• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Finance » UK and US caught in a row over digital tax

UK and US caught in a row over digital tax

Al Restar by Al Restar
January 22, 2020
in Finance
2 min read
31
0
UK and US caught in a row over digital tax

Secretary of the Treasury Steven Mnuchin and Secretary of State Mike Pompeo participate in a press conference to announce an Executive Order authorizing the imposition of new sanctions against Iran, Friday, Jan. 10, 2020, in the James S. Brady Press Briefing Room of the White House. (Official White House Photo by Andrea Hanks)

The United States and the United Kingdom are currently between a row relating to the British government plans to push through with its plans to impose a digital tax, affecting American tech companies, in April. Neither of the two superpowers yields on negotiations and continuous threats.

According to the newly introduced policy, a 2% tax shall be imposed on tech companies like Google, Apple, and Facebook for the profit they make from search engines, social media platforms, and online marketplaces serving people in Britain.

Because of this plan, the United States has made several threats to countries that plan to impose a digital tax, which could potentially affect many American tech companies. Speaking at the World Economic in Davos, Switzerland, U.S. Treasury Secretary Steven Mnuchin said that those who planned to levy the digital tax are at risk of being imposed with tariffs from the United States.

“If people want to just arbitrarily put taxes on our digital companies, we will consider arbitrarily putting taxes on car companies,” said Mnuchin, as U.K. Finance Minister Sajid Javid sat next to him.

However, the U.K. argues that there is an imbalance between the taxation of digital services offered by tech companies and the profits they get out of the people of the United Kingdom.

“We plan to go ahead with our digital services tax in April. It is a proportionate tax, and a tax that is deliberately designed as a temporary tax,” Javid said before adding, “It will fall away when there is an international agreement.”

Aside from the United Kingdom, France was also targeted by Washington over its plans to impose a 3% tax on digital services. Back in August last year, France has voted to impose a 3% tax on tech companies who earn through digital operations that would impact big American tech giants like Facebook, Amazon, and Google. The tax applies to organizations with annual revenues of more than 750 million euros ($830 million) arising from “digital activities,” including 25 million euros ($27 million) made in France.

Al Restar

Al Restar

An idealist straight from business school who works as a content marketer, digital branding consultant, and graphic designer. Outside work, he spends his time taking care of his cacti and painting watercolors.

Related Posts

Federal Reserve to Offer Loans to ‘Eligible’ Nonprofit Organization
Finance

Federal Reserve to Offer Loans to ‘Eligible’ Nonprofit Organization

June 16, 2020
199
Vroom Stocks Off to a Very Good Start in its First Day of Trading
Finance

Vroom Stocks Off to a Very Good Start in its First Day of Trading

June 9, 2020
126
Hertz Stocks Improve After Travel Shows Signs of Revival
Finance

Hertz Stocks Improve After Travel Shows Signs of Revival

June 9, 2020
145
Vroom Increased Price Listing Ahead IPO
Finance

Vroom Increased Price Listing Ahead IPO

June 9, 2020
162
Polls predicted Brazil’s GDP ‘most likely’ to hit an all-time low
Finance

Polls predicted Brazil’s GDP ‘most likely’ to hit an all-time low

May 26, 2020
128
Hertz Filed for Bankruptcy
Finance

Hertz Files for Bankruptcy Protection

May 23, 2020
120
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.