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UK presses ahead with digital tech tax in spite of pressure from Trump – Source CNET Internet News


US tech companies are likely to be among the most impacted by the British tax.

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The UK said Wednesday that it’ll begin taxing digital services April 1, a move that’ll impact a broad spectrum of US tech giants, including Amazon, Google and Facebook.

The tax will amount to 2% of the revenues of search engines, social media services and online marketplaces that derive value from UK users. Known as the Digital Services Tax, or DST, it’ll apply to all digital services with global revenues of £500 million ($647 million) or more, with at least £25 million ($32 million) deriving from users in the UK. It’s expected to bring in £65 million ($84 million) this year, and around £87 million ($113 million) annually. 


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Source CNET Internet News

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