LONDON (Reuters) – Britain plans to tax retailers and technology companies whose profits soared during the COVID-19 pandemic, the Sunday Times reported, citing leaked emails.
The government called on companies to discuss how an online sales tax would work, while plans are also being drawn up for an “excessive profits tax”, the newspaper reported.
Finance Minister Rishi Sunak is not expected to announce these taxes in the March 3 budget announcement, which will focus on extending the COVID-19 license program and supporting companies, the report said.
Instead, they are likely to appear in the second half of the year.
Sunak faces pressure from some in his Conservative Party to show that spending is under control when he presents a new budget, after what must be the biggest annual debt since World War II.
He promised to put public finances on a sustainable footing as soon as the economy starts to recover. Last month’s data showed that public loans since the beginning of the financial year in April have reached a record £ 271 billion ($ 370 billion).
The finance ministry was not immediately available for comment on the Sunday Times report.
Andy Bruce reporting; Dan Grebler Edition