Lost VAT equivalent to cost of London 2012: report
- Published: 4 Dec 2012 at 10.47
- Online news: World
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.
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