Dec 12, 2017

Facebook in major tax overhaul

Facebook is to overhaul its tax structure so that it pays tax in the country where profits are earned, instead of using an Irish subsidiary. In 2016, Facebook said it would stop routing UK sales through Ireland for tax purposes. Facebook paid £5.1m in tax in the UK last year, up from £4.2m in 2015, on revenues of £842m. However, the BBC understands that does not necessarily mean it will start paying more tax in other countries as a result of the overhaul. EU authorities are pursuing big technology companies over what they see as avoidance of tax by routing business through lower tax jurisdictions. In 2015, the UK government introduced a "Diverted profits" tax, a higher rate of corporation tax aimed at companies that move profits out of the country.

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