CBI tells Hammond to scrap ‘unnecessary’ digital tax to protect UK’s economy and reputation – Telegraph.co.uk

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CBI tells Hammond to scrap ‘unnecessary’ digital tax to protect UK’s economy and reputation – Telegraph.co.uk

Philip Hammond’s new tax on digital businesses should be scrapped because it is not necessary, risks harming far more companies than anticipated and makes Britain look hostile to cutting-edge technology, the Confederation of British Industry has warned.

Social networks, search engines and online marketplaces face a 2pc levy on their revenues from April 2020.

International efforts are underway to reform the tax system to cope with the rise of the digital economy, but the UK gave up waiting for the OECD-led initiative to reach a conclusion and went for its own tax instead.

However, the business lobby group believes global progress is being made, negating the need for a new tax that it fears will…

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