Peter Barnes Discusses Impact of UK Digital Tax Plan on Silicon Valley
The United Kingdom has announced it will move ahead with its plans to tax foreign tech companies on revenue generated in the country, enacting one of the world's first digital tax regimes.
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According to Peter Barnes, a tax lawyer at Caplin & Drysdale in Washington, D.C., and former senior international tax counsel at General Electric Co., tech companies that do want to pre-emptively prepare for a digital tax in the U.K. can start by creating a method to show what revenue is earned in the country.
"[Companies can] begin to prepare now how they can gather data to reasonably explain to every government, 'This is the revenue I derive from your country,'" Barnes said. "It may not be perfect, but they're going to have to have a method."
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Excerpt taken from the article “UK's Digital Tax Plan Could Complicate Things for Silicon Valley” by Caroline Spiezio for Corporate Counsel.
- Of Counsel