BUSINESS Facebook says UK tax bill triples to just under £16m

BUSINESS

Facebook says UK tax bill triples to just under £16m

AFP

21:50, October 08, 2018

US social media giant Facebook's British tax bill tripled to £15.8 million ($21 million, 18 million euros) last year, according to a company filing.

VCG111170342541.jpg

(File photo: VCG)

The bill compared with £5.1 million in 2016, Facebook's British division revealed in an official document lodged last week.

Media reported however that Facebook UK's net tax bill for 2017 will stand at £7.4 million, due to a tax relief credit of more than £8.4 million on employee stock awards.

Facebook UK's revenues meanwhile swelled by 50 percent to £1.26 billion last year compared with 2016. 

But pre-tax profits increased by just seven percent to £62.7 million.

The news comes amid political and public unease over the levels of taxes paid by hi-tech giants like Amazon, Apple, Facebook and Google.

Recent media reports suggest that British finance minister Philip Hammond will launch a new digital services tax to stop some US groups funnelling sales income through other countries to cut their tax bills.

The measure is reportedly due in Hammond's budget statement which is due on October 29.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue