He said multinational companies that use these complicated tax structures to move profits from their British operations to low-tax jurisdictions like Ireland and Luxembourg should pay more of their share.
“That’s not fair to other British firms. It’s not fair to the British people, either. Today we’re putting a stop to it,” Osborne said. He claimed that the clampdown would raise roughly ?1 billion (A$1.8 billion) over the next five years in extra tax revenue for the British government. “My message is consistent and clear. Low taxes, but taxes that will be paid,” he added.
The so-called Google Tax, which would go into effect in April, is part of European efforts to force global companies – including tech giants like Amazon and Apple as well as Google – to pay more tax in countries where they have large operations.
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