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<p>It is right that profitable companies share in the burden of restoring the public
finances to a sustainable footing following the COVID-19 pandemic. In order to support
this goal, the Chancellor announced at the Budget that Corporation Tax would increase
to 25% from April 2023, raising over £45 billion over the next five years.</p><p>
</p><p>The Government supports the G7 agreement on global tax reform that would lead
to large digital businesses paying more tax here in the UK and UK HQ multinationals
paying more tax on their global profits, helping to fund public services and level
the playing field for UK firms.</p><p> </p><p>The DST is intended to serve as a temporary
solution before a global digital tax solution is reached. It is the Government’s strong
preference to secure a comprehensive global solution on digital tax and remove the
DST once this is implemented.</p>
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