In his spring statement, Phillip Hammond has requested that the way in which technology companies such as Google and Facebook are taxed is reviewed. Radical suggestions include taxing revenue rather than profit – even for an interim – could be considered, although such a tax breaks nearly all business tax arrangements.

Such as move could mean a more local policing of tax, attaching a purchase directly to taxation, but in a longer-term solution he acknowledged that an international solution with global enforcement would be needed.

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