The Labor government will abolish business fees and replace them with a new model that will increase taxes on online businesses, Shadow Chancellor said.
Rachel Reeves plans to overhaul business taxes and bailouts that focus on shifting the burden from the boulevards to online giants like Facebook and Google.
They also terminate the tax exemption granted to private schools for their status as a charity.
Ms Reeves tells at Labor’s conference in Brighton that the current business pricing system will punish investment, entrepreneurship and high streets.
She would say her proposal would reform tax relief and remove those that do not benefit taxpayers or the economy.
At a Labor Party meeting on Monday, Reeves said the long-awaited high-street company “is currently struggling with the cliffs of toll relief approaching in March.”
“The next Labor government will abolish business fees,” she adds. “We carry out the largest business tax review of a generation, so our business can take the lead rather than seeing opportunities go elsewhere. “
Regarding tax incentives, Kage’s Prime Minister would say, “Some people just provide loopholes to those who can give the best advice.”
“We consider all tax deductions. If it doesn’t help taxpayers or the economy, we throw it away,” she says.
Workers will close the loopholes in carry-over profits associated with the sharing of profits earned through private equity fund managers and investments. They said it would raise £ 440m.
Confederation of British Industry (CBI) Executive Secretary Tony Danker welcomed plans to reform the “obsolete system.”
He proposed a reform growth-promoting, investment-promoting package that would help workers “understand nettles, reflect our green ambitions, promote economic recovery and level up our region. It should be praised for that. “
But he warned that “doing it with digital service taxes alone is risky and can undermine UK competitiveness when growth needs to be prioritized.”
“We have the right to propose concrete reforms of business taxes that disproportionately burden SMEs and the only trader,” said Mike Cherry, chairman of the Federation of Small and Medium Enterprises (FSB).
Prime Minister Rishi Sunak announced a review of business rates in February, and the report will be published this fall.