It is time that the competition and markets Authority (CMA) took a look at the market dominance of the ‘Big Tech’ businesses in the UK and HMRC looked at how these sorts of businesses are taxed, say leading tax and advisory firm Blick Rothenberg.
David Hough, a partner at the firm said: “Google and Amazon profits have just been announced and the figures for both are staggering. Now is the time for both the CMA and HMRC to take a close look at how ‘Big Tech’ is both managed and taxed.”
He added: “Amazon’s sales skyrocketed, generating sales in the three-month period between April and June of $89bn (up 40% on the same period last year). Growth is achieved through a combination of increased sales through the Amazon marketplace but also reflects more businesses using Amazon Web Services to improve their online offering. The surge in demand has also led to increased employment with 175,000 jobs created worldwide at Amazon and with further expansion expected this will continue to create jobs and increase requirements for distribution and warehousing space.”