London (CNN Business) The United Kingdom has announced plans to tax the revenues of major tech companies. Treasury chief Philip Hammond said Monday that a 2% levy on sales of digital services in the United Kingdom would be implemented in April 2020. He said the tax would apply only to profitable companies with global revenues of at least £500 million ($640 million) a year. "It will be carefully designed to ensure it is established tech giants, rather than our tech start-ups, that shoulder the burden," Hammond told parliament during a speech on the budget. US tech companies such as Google ( GOOGL ) and Amazon ( AMZN ) are also likely be impacted.

Source: CNN October 29, 2018 18:11 UTC