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Osborne’s ‘Google tax’ on overseas profits now raises zero revenue, Treasury reveals
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A “Google tax” introduced by the coalition government to crack down on multinationals shifting profits overseas has been criticised as a “total failure”, as new documents show it is predicted to raise no money over the next six years.
The diverted profits tax, introduced in 2015, was hailed as a pioneering effort to tackle multinationals who were reducing their UK corporation tax by shifting profits overseas.
It was predicted by officials that the tax would raise up to £400m a year, but new figures published with the budget last week show revenues slumping to zero.
Labour’s James Murray, the shadow financial secretary to the Treasury, said: “Rishi Sunak tried to bury it but the diverted profit tax is a total failure. The government’s own
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