By: Amanda Wilson
In December of last year, the UK announced a 25% tax on US multinational companies that do business in the UK but avoid paying UK tax through careful tax planning (for example, through the use of tax treaties). This tax has been called the “Google Tax”.
Yesterday, a former Treasury official told the Senate Finance Committee that more countries may be following the UK’s lead and imposing their own version of the Google Tax. Stay tuned for more information as it becomes available.