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Mike Ashley Wants To Introduce A New Tax On Online Retailers To Save Town Centers

Mike Ashley, the owner of Sports Direct has asked for the introduction of a new tax on the online retailers so the town centers can revive at a faster pace. He stated that imposing a new tax on all the retailers result in 20% of the total revenue earned from the online platforms and not just the online operators.

He is expecting that the latest tax system will hit his online operation worth £400 million. However, he wants to offer the retailers with enough reasons to continue with their stores. He cleared the air by stating that the mainstream High Street, which doesn’t involve the Westfields and the Oxford streets, is dead. In fact, the scopes of revival are negligible. Therefore, he wants the people to realize that the High Street will never make it up to 2030 unless a radical activity is initiated immediately, which has the potential to turn the wheel of events. He has also requested the landlords, parties, and the government bodies to take a proactive initiative to set the business rates. He believes this step will contribute to saving the High Street. He has also asked assistance from the MPs so the coordination is established successfully and the gap between the perspective and reality is diminished.

The Chief Executive of the British Property Federation, Melanie Leech stated that the revenue earned from taxing the online retailers is not an alternative option to the immediate support enveloped on the business rates reform.

On the other hand, the body representing the retail property sector’s landlords, local authorities, and retailers, Revo has been looking for a revamped taxing system. The Chief Executive of Revo, Ed Cooke also stated that the proposals offered by Mike Ashley are difficult to pass by as the High Street needs a huge shock to revive from the critical condition.

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Alice Martin

Having done MBA in Finance and with over one decade of experience in the field of business, Alice leaves no chance to use his expertise when it comes to Business section. She makes sure that Business news is up-to-date with correct numbers and figures. In her leisure time, Alice loves to play and watch movies with her two-year-old son.

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