The amount lost in Value Added Tax (VAT) on the sales of digital services is equivalent to the cost of staging the London Olympics, a report by a top telecoms and digital consultancy claimed Tuesday.
People look at a Google self-driving car at the Google headquarters in California in September. Britain announced a campaign against "tax dodgers" to claw back £2 billion a year, as lawmakers alleged that multinationals such as Google and Amazon are avoiding huge tax bills.
The report by Greenwich Consulting estimates that Britain is losing over pound sterling1.6 billion a year in VAT on digital services bought from suppliers based overseas, according to figures seen by the Guardian.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.