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31 Jan – 4 Feb 2018
The British government published draft legislation for the tax yesterday, with the new law set to come into force from April 2020. A 2% tax is planned on the revenues of search engines, social media platforms and online market places which derive value from UK users, according to draft legislation seen by Yahoo Finance UK.
The French and British plans come after efforts to secure an international agreement on taxing global tech firms broke down. Such measures are proving controversial, with US president Donald Trump ordering an investigation into whether the French proposals unfairly target US companies.