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UK plans to tax firms that profited from Covid-19 pandemic: Report

Finance minister Rishi Sunak is unlikely to announce these taxes on the funds announcement scheduled for March 3, which is able to deal with an extension of the Covid-19 furlough programme and help for companies, the report mentioned.

Reuters, London

PUBLISHED ON FEB 07, 2021 06:28 AM IST

Britain plans to tax retailers and tech firms whose earnings have soared in the course of the Covid-19 pandemic, the Sunday Occasions reported, citing leaked emails.

The federal government has summoned firms to debate how an internet gross sales tax would work, whereas plans are additionally being drawn up for a one-off “extreme earnings tax”, the newspaper reported.

Finance minister Rishi Sunak is unlikely to announce these taxes on the funds announcement scheduled for March 3, which is able to deal with an extension of the Covid-19 furlough programme and help for companies, the report mentioned.

They’re as an alternative more likely to floor within the second half of the 12 months.

Sunak faces stress from some in his Conservative Occasion to indicate spending is underneath management when he presents a brand new funds, after what’s on observe to be the heaviest annual borrowing since World Warfare Two.

He has promised to place public funds on a sustainable footing as soon as the financial system begins to recuperate. Information final month confirmed public borrowing because the begin of the monetary 12 months in April reached a report 271 billion kilos ($370 billion).

The finance ministry was not instantly out there for touch upon the Sunday Occasions report.

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