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Google, Facebook face tax increase in UK – report

EPA/RITCHIE B. TONGO

Google and Facebook might face tax changes in the United Kingdom, BBC reported on Thursday. A new tax on revenues is the “potentially preferred option” that would open the firms’ sales in the country to tax authorities, the Treasury told the news outlet.

“We want to move to a situation where we are taxing those [social media platforms, online marketplaces, internet search engines] activities fairly,” Financial Secretary to the Treasury Melvyn Stride stated.

Three weeks ago, Facebook reported its revenue for the last quarter of 2017 stood at $12.97 billion, improving 48% year on year. Meanwhile, Alphabet Inc. said that its revenue in the fourth quarter of 2017 was $32.3 billion, above analysts expectations and 24% higher compared to the same period a year earlier.

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