Economy

Government to introduce 2% digital services tax

The UK Government has confirmed plans to introduce a new 2% tax on the revenues of online marketplaces which “derive value from UK users”, starting 1 April 2020.

The new tax also applies to search engines and social media services, and these businesses will be liable to the tax when its worldwide revenues from digital activities is more than £500m and more than £25m if revenues are derived from UK users.

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