The Treasury of England announced the beginning of the fight against the IT giants that use the strategy on revaluation of the profits abroad to avoid high taxes. Reported by Business Insider.
The Chancellor of the exchequer Philip Hammond said that the government would levy a 20 percent withholding tax on all foreign companies, beginning in April 2019.
No specific IT-giants of the Hammond was not named, but the source of Business Insider UK Treasury announced that the law would apply to such companies as Apple, Amazon and Uber. This innovation can bring England about 200 million British pounds a year.
The tax strategy of Apple
The Corporation is constantly criticized for tax evasion. Last year the European Union sent Apple account in the amount of 17.6 billion U.S. dollars, saying that the company illegally banked the profit from many countries of Europe through Ireland. The investigation claimed that it paid only 0.005 per cent of the tax, which was levied in 2014.
Apple was also mentioned in a recently leaked document called “the Paradise Papers”. It describes in detail on how wealthy people and companies are pulling large amounts of money abroad to avoid taxes.
For its part, Apple has always insisted that it duly pays all taxes and indicates that it is the largest taxpayer in the world.
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