Head of Britain's Treasury Proposes Tax on Big High-Tech Companies

The head of Britain’s treasury has proposed a new tax targeting tech giants such as Google, Facebook and Amazon.com, in what he described as a necessary evolution of the corporate tax system in the digital age. Philip Hammond, chancellor of the exchequer, said his proposed “digital services tax” would apply to “established tech giants” rather than start-up companies and would take shape as a narrow tax on revenue generated in Britain for tech-platform business models.