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UK plans to tax firms that have profited from the pandemic

Britain plans to tax retailers and tech companies whose profits have soared during the Covid-19 pandemic, as the government summons companies to discuss how the sales tax works online, while there is also a tax on what has been described as the “excessive profit tax”, which is levied only once.

But the country’s Finance Minister Rishi Sunak is not likely to announce these taxes at the upcoming budget announcement conference on March 3, which will focus on extending the COVID-19-related vacation program and supporting businesses, while those taxes are expected to be revealed in the second half of the year.

Sunak is facing pressure from some in his “conservative” party to show spending and expenditures under control when he presents the new budget after his most debt-ridden year, which will constitute the country’s heaviest annual loan since World War II, and The minister promised to put public money on a sustainable growth path as soon as the economy begins to recover.

Data last month showed that public loans since the start of the financial year in April reached a record value of 271 billion pounds ($370 billion).

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