Salmond calls for “Amazon Tax” on online giants
“Time for on line business to pay its proper share of business taxation to help bring down inflation for all”
Former First Minister and Alba Party Leader Alex Salmond has called for an “excess profits tax” for companies that have experienced a surge in profits during the cost of living crisis and lockdown.
Over the last year Amazon's UK business rates tax to turnover ratio was just 0.37 per cent where for a small business it can be 10 per cent or more.
Mr Salmond says that the biggest challenge the UK Government face in the new year is to drive down costs to get inflation under control. He says that this should be done by using windfall taxes on online retail giants like Amazon and the large Supermarkets to help fund “immediate efforts to drive down inflation and keep money in household pockets”.
One proposal is to reduce VAT to 10% while the Alba Party leader also argues that VAT should be removed from energy bills for the duration of 2023.
Commenting Alba Party Leader Alex Salmond said:
“Whilst Scotland remains part of the UK many of the key fiscal levers to generate income and boost the economy are in the hands of the Westminster Government. The economic lesson from events of the past year can see that energy rich Scotland cannot afford to stay part of the UK.
“Only with independence can we make the key decisions about our economic future that are best suited to our needs.
“However, Alba will continue to pressure the UK Government to implement fairer taxation policies until Scotland has the full fiscal powers that we need. Sunak and Hunt could drive down inflation immediately by cutting VAT to 10% and by removing it completely from energy bills for the duration of 2023. And it’s only right and fair that online giants and supermarkets which have been cashing in on the back of the on boom during the cost of living crisis pay their fair share of tax. It’s time for online to bear its fair share of business costs.”