The shares of Asos, Boohoo, and Ocado reportedly dropped on Monday after reports of a double tax on companies that have profited from the coronavirus pandemic.
According to The Sunday Times, Amazon and other businesses that have benefitted from the crisis could face a “double tax raid” under new government plans.
Based on leaked emails, the newspaper revealed that treasury officials have summoned tech companies and retailers to a meeting this month, ahead of the UK budget in March, to talk about how an online sales tax would operate.
It said that The Downing Street policy unit is also working up proposals for an “excessive profits tax” on businesses that saw profits increase significantly because of the pandemic.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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