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UK may impose "excess profits tax" on companies that got rich from pandemics

Europe / Business and Finance

Amazon and the online giants will face tax pressure from skyrocketing sales in London's bid to plug a budget hole.

UK may impose "excess profits tax" on companies that got rich from pandemics

UK plans to tax retailers and tech companies whose profits soared during the COVID-19 pandemic, reports The Sunday Times citing government sources.

Amazon and other companies that have capitalized on the coronavirus crisis will face double taxation in line with plans devised by the government to plug the black hole in UK finances, writes the Sunday Times.

Treasury officials have convened tech companies and retailers for a meeting this month ahead of budget approval to discuss how an online sales tax will work, and to develop plans for a one-time "excess profits tax", the newspaper said.

The article says that Finance Minister Rishi Sunak is unlikely to announce the tax in the March 3 budget submission, which will focus on extending the COVID-19 layoff program and supporting business. Instead, a new tax is likely to appear in the second half of the year.

Last month's data showed the UK budget deficit since the beginning of the fiscal year in April reached a record 271 billion pounds ($ 370 billion). Deficit spending will be the UK's largest annual borrowing since World War II.

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