November 15, 2019 / 12:15 PM / a month ago

Labour plans tax on global firms' profits based on UK presence

Britain's opposition Labour Party Shadow Chancellor John McDonnell speaks on new digital infrastructure policy as part of his general election campaign in Lancaster, Britain November 15, 2019. REUTERS/Andrew Yates

LONDON (Reuters) - A British government led by the Labour Party would tax multinational companies’ global profits based on their presence in Britain, the party’s finance spokesman said on Friday.

“So if a multinational has 10% of its sales, workforce, and operations in the UK, they’re asked to pay tax on 10% of their global profits,” John McDonnell said in a speech on Friday ahead of the Dec. 12 national election.

Reporting by Costas Pitas, writing by Andy Bruce, Editing by Alistair Smout

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below