CFO of Marks & Spencer goes on the offence against Sunak tax plan

ZEUS 24 Newsline — Marks & Spencer have written a strongly worded letter to the chancellor of the exchequer warning that a tax for online sales would irreversibly damage the High Street.

Whilst M&S have stated that the new online tax will punish retailers like themselves it will actually result in less money for shops, HM Treasury said the proceeds will fund a reduction in business tax rates.

The letter from M&S was submitted during a three-month government consultation on whether to start an online sales tax which closes on Friday.

The CFO of M&S argued that retailers such as M&S and their competitors have worked hard to grow their e-commerce divisions and an additional tax obligation would make it difficult to invest in the technology necessary in the era of all things digital. 

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