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USA/Global: Taxing the Tech Giants

It’s not often that you can celebrate an outright, global triumph for the advocacy efforts of a movement. Today, for tax justice, is one of those days. The high level UN panel report launched today, by a group of heads of state and ministers from around the world, may come to be seen as a pivotal moment in the world’s fight against illicit finance and tax abuse. If their envisaged changes follow, the $427 billion that we conservatively estimate to be lost in tax revenue each year may finally be curbed. Nigerian activists lobby African Finance ministers meeting. Photo credit: ActionAid.

USA/Global: Taxing the Tech Giants

USA/Global: Taxing the Tech Giants
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Rishi Sunak s super deduction could let Amazon wipe out its corporation tax bill, campaigners warn

The paltry amount Amazon pays in corporation tax could be wiped out by Rishi Sunak’s new ‘super deduction’, campaigners said yesterday. Amazon’s British sales soared 51 per cent to £19.4billion last year. Its warehousing arm, Amazon UK Services, paid £6.3million in tax in 2019 despite raking in £3billion in sales. But campaigners say the firm could eliminate its tax liability altogether. The super deduction lets firms slash tax bills by 25p for every £1 spent on new equipment. George Turner, of the campaign group TaxWatch, said it would be lucrative for firms such as Amazon whose sales surged in the pandemic. 

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