ALBA Party leader and former first minister Alex Salmond has called for an “excess profits tax” for companies that have experienced a surge in profits during the cost of living crisis and lockdown.

Over the last year, Amazon’s UK business rates tax to turnover ratio was just 0.37% – while for a small business it can be 10% or more.

Salmond said that the biggest challenge the UK Government face in the new year is to drive down costs to get inflation under control.

He claims that this should be done by using windfall taxes on online retail giants like Amazon and the large supermarkets to help fund “immediate efforts to drive down inflation and keep money in household pockets”.

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One proposal is to reduce VAT to 10% while the Alba Party leader also argues that VAT should be removed from energy bills for the duration of 2023, echoing the calls from many for further aggressive action on the fuel poverty that many are currently facing.

The Scottish Government answered this call for action, by making use of funds reserved for the prospected independence referendum.

During the recent Scottish Budget, a large amount of these funds were pledged towards aiding those suffering from fuel poverty.

Former first minister Salmond said: “Whilst Scotland remains part of the UK, many of the key fiscal levers to generate income and boost the economy are in the hands of the Westminster government.

“The economic lesson from events of the past year can see that energy rich Scotland cannot afford to stay part of the UK.

“Only with independence can we make the key decisions about our economic future that are best suited to our needs.

“However, Alba will continue to pressure the UK Government to implement fairer taxation policies until Scotland has the full fiscal powers that we need.

“Sunak and Hunt could drive down inflation immediately by cutting VAT to 10% and by removing it completely from energy bills for the duration of 2023.

“And it’s only right and fair that online giants and supermarkets which have been cashing in on the back of the boom during the cost of living crisis pay their fair share of tax.

“It’s time for online to bear its fair share of business costs.”