Facebook Pays, Er, Nope, Gets £11m Credit From UK Taxman HMRC...
Facebook has bragged about its "efficient tax structure" in the UK after it was revealed the megacorporation actually earned £11m in tax credits to be offset against future claims from Her Majesty's Revenue and Customs.
An update to Facebook's accounts on Companies House [PDF] this weekend revealed that Facebook paid just over £4m in corporation tax last year, an enormous increase on the £4k it had paid in 2014.
Despite global profits of $3.7bn (£2.9bn), Facebook's British subsidiary made a comprehensive loss of £52.5m in 2015 (up from £28.5m in 2014) as the company increased its business in the United Kingdom, with a particular focus on its advertisements reselling work.
The BBC reported a spokesperson for Facebook stating: "We are proud that in 2015 we have continued to grow our business in the UK and created over 300 new high skilled jobs. We pay all the taxes that we are required to under UK law.
Auntie cited Jo Maugham QC, a tax specialist, as saying: "Facebook's accounts are rather opaque. But we can be confident that the structure of its business continues to be driven by the desire to make the smallest possible financial contribution to the public infrastructure it uses." ®
Sponsored: Journey to a cloud phone system
Google Leverages AI To Automatically Lock Phones During Theft
Amid increasing incidents of mobile phone thefts, Google has launched an AI-based feature that automatically locks the s... Read more
Microsofts Emissions Surge Nearly 30% Amid AI Demand Growth
Microsoft has reported a nearly 30% increase in its emissions from 2020 to 2023, underscoring the challenges the tech gi... Read more
Impact Of AWS Leadership Change On The Global AI Race
The recent leadership transition at Amazon Web Services (AWS), with Adam Selipsky stepping down and Matt Garman taking t... Read more
The Global Impact Of App Stores On Technology And Economy
Since Apple launched its App Store in 2008, app stores have become a central feature of the digital landscape, reshaping... Read more
Alibaba's Cloud Investment Strategy: Fuelling AI Innovation And Growth
Alibaba Group's cloud business, Alibaba Cloud, has emerged as a powerhouse in the tech industry, spearheading innovation... Read more
Elon Musk Takes On Government 'Censorship': A Clash Of Titans In The Digital Arena
Elon Musk's recent endeavors to challenge government-led content takedowns mark a significant development in the ongoing... Read more