8 Mar 2021
British Chancellor of the Exchequer Rishi Sunak is planning on marshalling a global effort among industrialised nations to introduce a so-called ‘Amazon tax’ in response to online companies reaping the rewards of restrictions on small businesses during the pandemic.
The Chancellor is looking to come to an agreement among nations on how to implement a global tax on online companies before the G7 meeting in Cornwall this June.
Implementing such a tax would require global cooperation, as the company is currently taxed under international treaties through the Organisation for Economic Co-operation and Development (OECD).
Sunak has already spoken about the issue with United States Treasury Secretary Janet Yellin, who is said to have expressed “openness” to the idea of implementing an Amazon tax.
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12 Jan 2021
The coronavirus lockdowns implemented by the British government will force at least a quarter of a million small businesses to shut down for good if they are not bailed out by the taxpayer, business leaders have predicted.
Over the next year, at least 250,000 are expected to go under, according to a survey conducted by the Federation of Small Businesses (FSB).
The number of firms saying that they are on the brink of collapse is the highest since the beginning of the economic crisis caused by the Chinese coronavirus and the ensuing draconian restrictions foisted upon the public.
The figures do not represent the number of businesses which are hoping to avoid collapse by freezing their operations, laying off staff, or taking on significant debt in order to stay afloat.