UK plans to tax firms that profited from pandemic: Sunday Times

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Abuja (Sundiata Post) – Britain plans to tax retailers and tech companies whose profits have soared during COVID-19 , Sunday Times reported, citing leaked emails.

has summoned companies to discuss how an online sales tax would work, while plans are also being drawn up for a one-off “excessive profits tax”, the newspaper reported.

Finance minister Rishi Sunak is unlikely to announce these taxes at the budget announcement scheduled for March 3, which focus on an extension of the COVID-19 furlough programme and for businesses, the report said.
They are instead likely to surface the half of the year.

Sunak faces pressure from some his Conservative to show spending is under control when he presents a new budget, after what is on track to be the heaviest annual borrowing since World War Two.

He has promised to put finances on a sustainable footing once the begins to recover. Data last month showed borrowing since the start of the financial year April reached a 271 pounds ($370 ).

The finance ministry was not immediately available for comment on the Sunday Times report.