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U.K. to Roll Out Developed World’s First ‘Digital’ Tax

Source: wsj.com - Oct 29, 2018

LONDON—The U.K. government said it would move ahead with plans to introduce a new tax targeting revenue generated locally by large tech firms, setting the country on a path to become the first developed country to roll out such a “digital” tax.

The new tax is still subject to final rule making and won’t start until 2020. Still, it comes as dozens of other countries are contemplating new levies on digital services sold by companies such as Alphabet Inc.’s GOOGL -4.52% Google and Facebook Inc. FB -2.26% These governments are hoping to capture more revenue from digital services as economic activity increasingly shifts online.

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Category: General Business