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Facebook's UK tax bill triples to £15.7m | Facebook's UK tax bill triples to £15.7m |
(35 minutes later) | |
Facebook paid £15.7m in tax in the UK last year, which is triple the amount it paid in the previous year. | Facebook paid £15.7m in tax in the UK last year, which is triple the amount it paid in the previous year. |
In 2016, Facebook's tax bill rose to £5.1m, following a major overhaul of the social media firm's tax structure. | In 2016, Facebook's tax bill rose to £5.1m, following a major overhaul of the social media firm's tax structure. |
However, the company's profits only climbed by £4m year-on-year from £58.4m to £62.7m in 2017. | However, the company's profits only climbed by £4m year-on-year from £58.4m to £62.7m in 2017. |
The company's UK office provides marketing services and sales and engineering support to the company. | The company's UK office provides marketing services and sales and engineering support to the company. |
Facebook's revenue rose by a third year-on-year to £1.2bn in 2017, because of increased revenues from inter-company and advertising reseller services in 2017. | |
The publication of Facebook's 2017 tax accounts follows extensive criticism from policymakers and the media over the last 12 months of how much tax tech giants typically pay in Europe. | |
Large technology companies have been condemned for moving sales through other countries and paying modest amounts of tax in the UK. | |
Last week, Chancellor Philip Hammond raised the prospect of introducing a new tax to address this concern. | |
Meanwhile, online payments firm PayPal has announced that its UK subsidiary has agreed to pay an extra £3.1m in tax following a review by HMRC. |