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Dragon's Den Star Backs Chancellor's Call For 'Amazon Tax'
10 August 2018, 18:14 | Updated: 10 August 2018, 18:16
With the High Street struggling, the Chancellor Philip Hammond says he is strongly considering introducing a so-called 'Amazon tax,' a prospect Dragon's Den star and entrepreneur Theo Paphitis fully supports.
In his strongest intervention on the issue, Philip Hammond said he was thinking of introducing a special retail tax on online businesses, dubbed the 'Amazon tax,' without full international co-operation.
And businessman Theo Paphitis, told Iain Dale he would personally welcome the idea: "I've been calling for this for three and a half, four years. The government legislation is not keeping up with the change in technology. Technology is changing our habits."
The LBC presenter asked Theo whether it would be better to "equalise the business rates position with internet companies and high street retailers."
Mr Paphitis responded: "Taxation as it stands... does not work with the way technology is moving. So we need to put a fairer taxation system that gives more revenue for the Chancellor of the Exchequer which allows more choice [for the consumer] about how they spend their money."
He added: "You can't just carry on subsidising other people who aren't paying their fair share of tax."