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Added on the 04/03/2016 17:58:12 - Copyright : Reuters EN
Facebook said its main UK subsidiary generated an 11-million-pound tax credit in 2015 even as revenues soared, thanks to its tax efficient structure, accounts published on the weekend showed. Sarah Charlton reports.
UK tax payers have reacted angrily to a Sunday Times newspaper report that suggests the social network giant Facebook paid just £4,327 in UK corporation tax last year. As Tim Graham reports that's £1,000 less than the average British worker.
Having sacked her close ally Chancellor Kwasi Kwarteng after a mini-budget which spooked the financial markets as a result of its unfunded tax cuts, United Kingdom Prime Minister Liz Truss confirms that her government will perform a drastic U-turn on its previous commitment not to raise corporation tax. "We need to act now to reassure the markets of our fiscal discipline. I have therefore decided to keep the increase in corporation tax that was planned by the previous government," the under-fire PM says. IMAGES
London, September 8 (EFE / EPA) .- (Camera: Clàudia Sacrest) The British Prime Minister, Boris Johnson and the British Minister for the Economy, Rishi Sunak, address the British Parliament for the debate on the plan of taxes.FOOTAGE OF BRITISH ECONOMY MINISTER RISHI SUNAK LEAVING DOWNING STREET TO GO TO THE BRITISH PARLIAMENT FOR THE DEBATE ON THE TAX PLAN. ALSO INCLUDES BRITISH PRIME MINISTER BORIS JOHNSON'S CAR DEPARTURE RESOURCES AND RESOURCE IMAGES OF THE BRITISH PARLIAMENT BUILDING FROM THE WESTMINSTER BRIDGE IN LONDON.
On Saturday, Netflix said it would declare more than $1.3 billion in UK revenue. The news is likely to put pressure on other tech giants like Amazon and Google many of which use tax jurisdictions to their favor. Business Insider reports Netflix has about 50 productions based in the UK, including "The Crown" and "The Witcher." Variety reports Netflix is planning to double UK spending.
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