G7 plan ‘will slash UK tax revenue from US tech firms’ say experts

Global tax changes could mean Treasury loses 230m digital services tax receipts from Google, Amazon, Facebook and eBay

Experts have warned that US tech companies, including Google, Amazon and Facebook, could pay less tax in the UK and several other big economies under global reforms agreed at the weekend by the G7.

In a key stumbling block emerging days after the landmark deal, research from the TaxWatch campaign group indicates that the UK Treasury stands to lose about 230m from the taxes paid each year by four of the big US tech firms.