Friday, 10 August 2018

Chancellor Philip Hammond strongly considering introducing 'Amazon tax' for online retailers

Philip Hammond says he is strongly considering introducing a so-called "Amazon tax" to try to rescue struggling retailers.
In his strongest intervention on the issue, the chancellor told Sky News he was thinking of introducing a special retail tax on online businesses - if necessary without full international co-operation.

Mr Hammond also warned that the high street would have to change for good.

"We're changing our shopping habits," he said.

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing street in London on July 18, 2018. (Photo by Tolga AKMEN / AFP) (Photo credit should read TOLGA AKMEN/AFP/Getty Images)

"More and more of us are buying online. Indeed, Britain has the biggest percentage of online shopping of any major developed economy. That means the high street will change.

"We're very clear that you have to support the high street through that process of change.

"The nature of the offer on the high street is going to change over time. There's going to be less retail, more leisure, bars, community facilities."

While the chancellor has steered clear of any plans to reform business rates, as his political opponents are suggesting, he indicated that the country needs a new set of taxes to tackle online businesses, which tend to pay far less than their high street competitors.

SKY       News.

No comments:

Post a Comment