FACEBOOK is under fire for paying just £28.5million in UK corporation tax last year. The social media giant generated £1.65billion in British sales – but paid just 1.7% of this sum in tax. It comes as Facebook’s latest UK accounts show that pre-tax profits surged from £63million to £96.6million. That’s an impressive 50% rise, despite the firm being dogged by privacy scandals throughout 2018.Of course, it’s important to note that tax is only paid on profit. So Facebook actually paid an overall tax rate of around 29.5% – higher than the 19% corporation tax rate. The payment was also adjusted for deferred tax. “One year later and little has changed,” said Margaret Hodge, who leads an all-party parliamentary group examining the tax system.”This year Facebook paid £28m of tax on UK income of £1.6bn. “Still outrageous,” she added. World’s most valuable companies on the stock marketHere’s the top 10 list from June 2019… Microsoft: £822,641,580,000 Amazon – £743,050,206,900 Apple – £729,206,141,400 Alphabet (Google) – £601,112,524,950 Facebook – £441,321,600,150 Berkshire Hathaway – £417,002,458,500 Alibaba Group £351,423,200,250 Tencent – £345,765,538,800 Johnson & Johnson – £296,327,020,500 JPMorgan Chase – £290,845,410,750 However, Facebook denies that it has paid an unfairly low amount of tax…. Read full this story
- ATO says multinationals disputing billions in tax bills amid crackdown on profit shifting
- Jimmy Carr tax arrangements 'morally wrong', says David Cameron
- Google says it will no longer use 'Double Irish, Dutch sandwich' tax loophole
- Poor tenants pay for landlords to live like kings. It doesn’t have to be this way
- Only three out of 700 firms prosecuted for paying below minimum wage
- David Cameron's father sought legal advice on best tax havens
- Time Warner shares surge on Fox bid; UK pay growth slumps to record low - business live
- How has Brexit vote affected UK economy? December verdict
- Council fat cat earns nearly FOUR TIMES more than the Prime Minister with his £600k salary, as Town Hall Rich List reveals huge rise in bosses being paid more than £100,000 - while households suffer council tax rise
- Hospital parking firms ‘using patients as cash cows’ as profits DOUBLE by up to £13.59million per year
Facebook slammed for paying £28million tax after £1.6billion UK earnings – despite 50% profit surge have 328 words, post on www.thesun.co.uk at October 11, 2019. This is cached page on Vietnam Art News. If you want remove this page, please contact us.