The IMF estimates that UK debt will reach 103% of GDP
The International Monetary Fund (IMF) spoke in favor of wealth taxes, income tax surcharges and solidarity business taxation. .
The agency encourages developed countries such as the UK to implement temporary tax increases as a way to support vulnerable households and demographics.
The US-based organization claims that the global pandemic has “immortalised existing inequality in income and access to basic services,” and that it has been ruled out as the economy becomes more digital. It poses a threat.
The IMF also urged policymakers to consider raising property or property taxes as “a way to reform the national and international tax systems to promote greater equity and protect the environment.” Ta.
The IMF predicts that UK national debt will rise to 103% of GDP, an increase of over 20% since 2019.
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Zedra director Adam Dunnett said the IMF commented on the “solidarity” tax on high-income earners and businesses that flourished during the coronavirus crisis.
“A short-term solidarity tax is a bold idea, and in many respects the spirit of the IMF’s statement, and the intentions and motivations behind it are unfair. The difficulty is in detail. Who pays the tax? Are you asked? The main goal of this type of taxation is, of course, US-based “fan” companies already targeted outside the US through various digital services tax proposals and laws. ”
“While solidarity taxes on these companies are probably popular worldwide, they face two obstacles. The US administration is likely to dispute, and several debates used in response to digital services taxation Repeat. The second obstacle is practical. Taxes on these types of common consumer businesses often take over fairly quickly to the customers. Once for these types of businesses Tax payments can be paid by people who intend to make a profit,” added Danett.
