(Guardian) George Osborne has launched a crackdown on tax avoidance by multinational technology firms such as Google and Amazon, by imposing a 25% levy on profits which are generated in Britain but “artificially shifted” abroad.
Dubbed “the Google tax”, the new levy was announced in the chancellor’s autumn statement alongside a move to punish banks for losses incurred during the global financial crisis.
Responding to outrage about the minimal contributions big corporations make to European governments, the Treasury is targeting Silicon Valley companies such as Google, Amazon and Apple, but the measures will reach beyond technology to high street chains such as Starbucks.
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