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UK looking to drop 'Facebook tax' in favour of post-Brexit deal: Report

Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US companies

Britain's Chancellor of the Exchequer Rishi Sunak arrives at Downing Street as the government is expected to publish an emergency coronavirus powers Bill, in London, Thursday March 19, 2020 | AP/PTI
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Britain's Chancellor of the Exchequer Rishi Sunak arrives at Downing Street. File Photo

Reuters London
British Finance Minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a US trade deal, The Mail on Sunday reported.
 
Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US companies.
 
The tax is expected to raise about £500 million ($654 million) a year for Britain's public finances.
 
That represents only a fraction of the £200 billion in extra debt the country has racked up

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