Treasury denies it plans to drop ‘Facebook tax’ in favour of trade deal

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Treasury denies it plans to drop ‘Facebook tax’ in favour of trade deal




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Recently introduced tax expected to raise £500m, helping to reduce Britain’s huge Covid bill

The UK government has denied reports that it is to drop a recently introduced tax on global technology companies such as Facebook, Google and Amazon, due to fears that the so-called “Facebook tax” could jeopardise a post-Brexit trade deal.

The Treasury said on Sunday it would drop the digital services tax when there was a global agreement on how to tax big multinational tech firms, which pay very little tax in the UK and other countries in which they operate.

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