Neil O’Brien, MP for Harborough, Oadby and Wigston led a debate in Parliament, focused on the levels of tax paid by large multinational digital and technology based businesses in the UK. The debate looked at ways of modernising the tax system to account for the growing digital economy, to create a fairer system for the small businesses.
Neil said, “This is an important issue that is regularly raised by small businesses across the constituency. From independent retailers to manufacturers, people want to see a tax system that keeps up with the changes in technology so everyone is paying their fair share.”
The debate was attended and supported by MPs from across different Parties, who shared an agreement on the importance of a just tax system where international e-commerce businesses and small businesses are reasonably taxed to represent their size and turnover.
Neil concluded, “Often small businesses are either sole traders, family run or those with very small teams – often working day and night to make their business a success. This isn’t about stifling innovation and investment of tech giants, but about how we can ensure the system is fair for all.
For many technological and digital firms, the UK is their second largest global market after the USA, so we have a strong position from which we can look at changes. I’m pleased that the Treasury are also consulting on this important matter, and look forward to working with them and other stakeholders to hopefully improve the fairness of the system.”
The full debate can be found here: https://parliamentlive.tv/Event/Index/a5ea7ffb-4986-4bd5-b2c0-20aea05ed2e7