Around the Net
Facebook Pays No UK Corporation Tax - Again!
- The Guardian, Thursday, October 23, 2014 7:04 AM
Facebook paid no UK corporation tax for the second year in a row in 2013. The world’s largest social media company reported a pre-tax loss of £11.6m in the UK last year, despite its US parent company reporting a net profit of $1.5bn (£900m). UK revenues rose from £34.6m to £49.8m, Facebook UK classifies its turnover as “marketing and engineering services”, because much of the company’s ad revenues are funnelled through Ireland to take advantage of much lower tax rates.
