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.
Read the whole story at The Guardian »