Google Tax Attacked by Business Leaders
We recently wrote about the Chancellors plans for his new Google Tax and his plan to crack down on the big corporations and their tax avoidance. The new “diverted profits tax” created by George Osborne is also known as the Google Tax and has now been attacked by business leaders who are convinced that the unilateral move will risk undermining the effort that has been made globally to rewrite the tax rules.
The new 25% tax will come into effect next April and will hit the foreign companies that use “contrived arrangements”. Multinationals will need to let Revenue & Customs know if they think they are liable to the tax. HMRC will then issue a notice that they are required to pay “without delay” although there will be a review period.