Economy

Facebook brings British profits onshore after tax rule change

Facebook brings British profits onshore after tax rule change”

Facebook paid £5.1m in tax in the United Kingdom past year, up from £4.2m in 2015, following a major overhaul of the social media firm's tax structure.

Facebook said in filings with Britain's corporate register that the turnaround followed four years of losses totalling nearly 100 million pounds.

After Britain's attempts to pay more tax on social networking platforms in recent years, tax paid by Facebook's advertising revenues is 4.2 million sterling in 2015, with a total of 5.1 million in 2016 Sterline has risen.

Facebook's accounts also show it has 960 employees in the United Kingdom, and that it paid out £104 million in wages in 2016.

In 2015, turnover was booked through Facebook's European headquarters in Dublin and the British subsidiary's revenue represented payments from the Dublin unit.

That suggests that the average employee of Facebook UK is paid more than £108,000, before any bonuses are taken into account.

The 2016 tax charge was also reduced by "additional expenses deductible for tax purposes" which the firm declined to outline. However, the £5.1m it paid in corporation tax was up only slightly from £4.2m the year before.

These results will add to the scrutiny that is now routinely paid on the tax paid by giant global technology companies.

This means they usually do not report profits in the countries where their salespeople and customers are based, making it impossible for hosts to tax them.

European Union authorities are pursuing global technology companies over what they see as unfair avoidance of tax in the countries where they have most customers by routing business through lower tax jurisdictions.



Like this

Latest


04 October 2017
Legoland is letting people with these names into the park for free
Everything is awesome - especially if you share your name with one of the Masters of Spinjitzu from the new Lego Ninjago movie. The theme park is giving away free tickets for children and adults this month, but there's an interesting catch.

04 October 2017
Google Clips is a tiny AI-powered camera
Inside is an artificial intelligence engine that looks for moments that seem most relevant to you, the user. It learns faces over time and tries to take more photos of those people and fewer photos of strangers.

04 October 2017
October is National Breast Cancer Awareness Month
Breast Cancer has affected thousands of women and their families in The Bahamas. Almost 250,000 people will be diagnosed with breast cancer this year.

04 October 2017
Senators to discuss first findings in Russia probe
Schiff said that his committee will seek "to determine what groups and individuals were most heavily targeted and why". The White House is not up for grabs in the 2018 elections, but the midterm contests could have an impact on Congress.

04 October 2017
Horizon: Zero Dawn Complete Edition Announced
One game that has a pretty good chance of picking up more than one joystick this year is Guerrilla Games' Horizon Zero Dawn . While the listing has now been removed and purged from Cache, Twitter user Wario64 screenshotted the Play Asia listing.

04 October 2017
Las Vegas shooting suspect's father was once one of FBI's Most Wanted
Though Stephen and Eric Paddock are known to be his sons, only one Patrick Paddock was noted in his paid obituary. Court records show Paddock was married in 1977 - their divorce was finalised in 1980 in Los Angeles County.

04 October 2017
On Premier League TV Money
A compromise on foreign income still looks likely, and another meeting of the clubs is expected in the next month. These positions are not easily retractable and both sides can claim to have some form of leverage in negotiations.

04 October 2017
Mental health pop-up shop in Kettering
Most people have suffered work-related mental health issues but often risk "serious repercussions" such as demotion or even dismissal if they raise the problem, a study reveals.

04 October 2017
Malignaggi: McGregor a Con Artist, He Conned All The Idiot Fans!
However, the most logical fight as of the moment would be for McGregor to face the victor of Tony Ferguson and Kevin Lee . This fight with Diaz will spark a highly anticipated trilogy, since the fighters are now at one win a piece.

04 October 2017
Record d'audience pour le "Cash investigation" consacré au travail
Ce mea culpa concerne une séquence très violente, où l'on entend un directeur régional hurler sur un directeur de magasin. Dans un communiqué de presse diffusé ce mercredi, l'entreprise Lidl a répondu à l'émission Cash Investigation de mardi.



Recommended