- By Steph. G. Halston
- (General Dispatch) – Rishi Sunak, Britain’s Chancellor of the Exchequer has proposed implementing a tax on Amazon, as online companies have profited from raising large amounts of money despite restrictions.
- Sunak will seek the support of major nations to implement a tax on big tech companies, as Amazon like other online companies are taxed differently according to the Organization for Economic Cooperation and Development (OECD).
- “One of my priorities at the G7 this year, which I’ve already started, working on, is to try to get international agreement on a new way to tax these companies. I spend a lot of time talking to my finance minister colleagues around the world on this issue,” Sunak said.
- Janet Yellin, US Treasury Secretary, has assessed this initiative and commented that she sees it in a very positive light; the US will give its best participation in the G7 meeting.
- The G7 are those countries that have economic, political and military weight, they usually have great representation. They are the most advanced economies (Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the United States) and the European Union, which can issue political statements.
- This plan of Chancellor Rishi seems to be necessary to reduce the large public spending after the economic chaos that generated the COVID 19 being this around £ 407 billion of which 355 billion has managed to be paid by loans to the government.
- Amazon increased its revenue significantly, in 2019 from $17.5 billion to $26.5 billion in 2020. Rishi spoke out on the matter and said that the rate charged to it is 0.37% of its sales being very low, that is why it is asking to change the measures.
- Google and Facebook are also under the radar of these measures, the tech giants issue about 80% of digital advertising in the UK, and Amazon is looking to further diversify its business and sell other types of products.
Adittional Information:
Breitbart: UK Takes on Big Tech with Potential Global ‘Amazon Tax’
Telegraph: Rishi Sunak poised to agree ‘Amazon tax’ after talks with US
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