Asos, Boohoo and Ocado shares drop amidst reports of double tax

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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