Thursday, October 5, 2017

Facebook paying taxes in Britain after rule change

Facebook has started declaring profits from British clients in the United Kingdom, but its tax bill has only increased slightly, reported Reuters.

This highlights the ongoing challenge European authorities face in trying to tax companies like Apple, Google, and Facebook, stated the report.

Facebook reported profits of 58.4 million pounds in Britain, after four years of losses totalling nearly 100 million pounds.

After the introduction of anti-profit shifting regulations, Facebook UK had revenues of 842 million pounds in 2016, up from 202 million pounds in 2015.

However, due to tax deductions Facebook qualified for in the UK, its tax bill only increased from 4.2 million pounds in 2015 to 5.1 million pounds in 2016.

Facebook reportedly still books sales from smaller clients via Ireland.

Now read: France and Germany crack down on tax loopholes used by Apple and Google

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