Facebook In The News Again...

In October it was reported that although Facebook made global profits of around £5 billion last year, they managed to declare a loss in the UK which has ‘entitled’ them to an £11 million tax credit. In 2015 Facebook’s turnover doubled to £210m, but this excluded the hundreds of millions it generates in advertising revenue via Ireland, and they were able to declare a ‘loss’ of £52m. Now the law has been changed things may improve. However last year Facebook still managed to pay its staff over £70m in bonuses last year – despite its ‘losses’. 

It was also reported in late October/early November that tax inspectors have targeted some 6,500 of Britain’s wealthiest individuals, and claim to have identified some £2bn of tax dodging, but only one person has been prosecuted. At the same time the UK Government is seeking to keep Jersey, Guernsey and British overseas territories such as the British Virgin Islands off an EU ‘blacklist’ of tax havens, even though – especially since the Panama Papers – it is very apparent that they are up to their necks in facilitating tax dodging.

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commented 2018-08-28 05:51:55 +0100 · Flag
The EU experiment is a corrupt and unaccountable, unelected organisation, and as such I have no interest in how it views tax havens, but the notion that huge and highly profitable organisations like Facebook can still be permitted to continue to fix their books, to claim ‘losses’ they don’t have, is sickening. Every national government should clean up its act and get on this
Methodist Tax Justice Network
The Methodist Tax Justice Network aims to put tax justice issues at the heart of the Methodist Church's mission, through campaigning, working with partners in the UK and overseas and educating and communicating within the Methodist Connexion.