Richard Cornelisse

In Uncategorized on 12/12/2012 at 8:26 am

Tax News

Lost tax revenue from services bought from suppliers based overseas is more than £1.6bn a year, says report

Ian Griffiths – The Guardian, Monday 3 December 2012

Britain could have financed the Olympic Games out of the VAT it is losing on the sales of digital services, new research shows, heaping more pressure on George Osborne to close tax loopholes enjoyed by multinational companies in Wednesday’s autumn statement.

As Britons splashed out millions on Christmas gifts on the busiest online shopping day of the year, a report by a leading telecoms and digital consultancy suggests the UK is losing over €2bn (£1.6bn) a year in VAT on digital services bought by British consumers from suppliers such as Amazon which are based overseas.

Greenwich Consulting estimates the UK will lose £10bn between 2008 and 2014. Ministers say the London Games cost taxpayers £9bn.

The chancellor is expected to find more cash in…

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