Britain plans to tax retailers and tech companies whose profits have soared during the COVID-19 pandemic, the Sunday Times reported, citing leaked emails.
The government has summoned companies to discuss how an online sales tax would work, while plans are also being drawn up for a one-off “excessive profits tax,” the newspaper reported.
Finance minister Rishi Sunak is unlikely to announce these taxes at the budget announcement scheduled for March 3, which will focus on an extension of the COVID-19 furlough programme and support for businesses, the report said.
They are instead likely to surface in the second half of the year.
Sunak faces pressure from some in his Conservative Party to show spending is under control when he presents a new budget, after what is on track to be the heaviest annual borrowing since World War Two.
He has promised to put public finances on a sustainable footing once the economy begins to recover. Data last month showed public borrowing since the start of the financial year in April reached a record 271 billion pounds ($370 billion).
The finance ministry was not immediately available for comment on the Sunday Times report.
UK plans to tax firms that profited from pandemic: Sunday Times
https://arab.news/rpjgw
UK plans to tax firms that profited from pandemic: Sunday Times
- The government has summoned companies to discuss how an online sales tax would work, the report said
Saudi Arabia offers 11 mining sites in Eastern Province to boost investment
JEDDAH: Saudi Arabia has opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding, boosting investment, governance, and local community development.
The sites are designated for the extraction of aggregates and crusher materials, covering 9 sq. km, according to a statement by the Ministry of Industry and Mineral Resources.
The initiative forms part of the Kingdom’s drive to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, leveraging mineral wealth now estimated at SR9.37 trillion ($2.5 trillion), a 90 percent increase from 2016 estimates of SR5 trillion.
The increase follows comprehensive surveys of the Arabian Shield, which revealed new deposits beyond traditional mineralized belts.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, said applications for the mining sites will be accepted from Feb. 15 to March 5, via the Ta’adeen digital platform, which handles registration, qualification, bidding and the announcement of winning companies.
“The Ministry aims to allocate mining complexes to encourage investment in the mining sector, strengthen governance, protect sites from illegal exploitation, and support development in neighboring areas,” the statement said.
Saudi Arabia’s mining sector has demonstrated sustained growth, with the number of mining licenses rising from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 Mineral Wealth Statistics from the General Authority for Statistics.
Building material quarries accounted for the largest share of permits, rising from 1,267 in 2021 to 1,481 by 2024.
Exploration licenses also showed consistent growth, supporting the Kingdom’s broader strategy to develop its mineral resources and strengthen the mining sector as a key pillar of its industrial economy.
Reforms in the sector have attracted $32 billion in investments for projects in iron, phosphate, aluminum, and copper.
Recent surveys and discoveries, including rare earth elements, lithium, cobalt, and copper, as well as zinc and gold, highlight the Kingdom’s potential to expand into strategic industries such as electric vehicles, advanced technologies, and renewable energy.
Strategic investments and international partnerships, including projects like the Jabal Sayid rare earths site and collaborations with companies such as MP Materials, position Saudi Arabia as a global hub for critical minerals and reinforce the Kingdom’s Vision 2030 industrial ambitions.
