Wednesday, 12 December, 2018

Facebook's United Kingdom tax bill triples to £15.7m

WASHINGTON DC- APRIL 10 Facebook co-founder Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill Image Facebook paid just £15.7m in corporation tax last year
Jean Garcia | 12 October, 2018, 22:26

For this year's tax figures, the company reported that profits had only grown by £4m year-on-year, up to £62.7m from £58.4m in 2017.

The social media giant's accounts show that while Facebook increased its United Kingdom income by more than 50% in 2017, its pretax profits remained similar to 2016. Facebook also received £8.4m in tax credits from granting its employees shares in the company, meaning that its net tax bill will be £7.4m.

Labour MP Margaret Hodge said it was "absolutely outrageous that Facebook's United Kingdom tax bill is 0.62% of their revenue".

There's always a lot of outrage whenever it's revealed how much tax big companies are paying, generally because it looks as though they're paying an absolute pittance when compared to the rest of their income. Philip Hammond is letting Facebook off the hook'.

Facebook's United Kingdom tax bill has tripled to £15.8m following rising profits and an overhaul of the social network firm's tax structure, but the company will still receive a substantial cut to its bill thanks to a tax credit.

Its profits were reduced by £759 million in sales and £444 million in unexplained "administrative expenses".

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The publication of Facebook's 2017 tax accounts follows extensive criticism from policymakers and the media over the last 12 months of how much tax tech giants typically pay in Europe.

Last week, Chancellor Philip Hammond raised the prospect of introducing a new tax to address this concern.

Facebook - like other US-based global companies - point out that taxes paid are within the legal frameworks of the nations in which they operate.

Large technology companies have been condemned for moving sales through other countries and paying modest amounts of tax in the UK.

"The best way to tax global companies is through worldwide agreements, but if we can not reach such an agreement the United Kingdom will go it alone with a digital services tax of its own".

Facebook says it has changed the way it reports tax so that revenue from customers supported by its UK team is recorded in the UK, and any taxable profit is subject to UK corporation tax.

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