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October 17, 2018
Facebook's UK tax bill triples to £15.7m
Technology

Facebook’s UK tax bill triples to £15.7m


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Getty/BBC

Facebook paid £15.7m in tax in the UK last year, which is triple the amount it paid in the previous year.

In 2016, Facebook’s tax bill rose to £5.1m, following a major overhaul of the social media firm’s tax structure.

However, the company’s profits only climbed by £4m year-on-year from £58.4m to £62.7m in 2017.

The company’s UK office provides marketing services and sales and engineering support to the company.

Facebook’s revenue rose by a third year-on-year to £1.2bn in 2017, because of increased revenues from inter-company and advertising reseller services in 2017.

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.

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

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

Meanwhile, online payments firm PayPal has announced that its UK subsidiary has agreed to pay an extra £3.1m in tax following a review by HMRC.



Source BBC News

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