Silicon Valley companies will have to dig a little deeper into their pockets. The British government has introduced a new tax for highly profitable technology companies operating in Great Britain. So from 2020, all for-profit digital companies with an annual revenue of more than £500m will have to pay 2% of revenue generated within that country.
"We will now introduce a UK Digital Services Tax.
…It will be carefully designed to ensure it is established tech giants – rather than our tech start-ups – that shoulder the burden of this new tax.” # Budget2018 pic.twitter.com/h2hKxMrO1Y
— HM Treasury (@hmtreasury) October 29, 2018