Facebook UK pays just £5.1m in corporation tax despite jump in profit | Technology | The Guardian

Facebook UK pays just £5.1m in corporation tax despite jump in profit | Technology | The Guardian

Facebook’s UK operations paid just £5.1m in corporation tax last year, despite a jump in profit and revenues nearly quadrupling on the back of increasing advertising sales.The social media company said revenues in the UK rose from £210.8m to £842.4m for the year to 31 December, helping pre-tax profits increase from £52.5m to £58.4m for the period, according to accounts filed at Companies House.But its UK corporation tax only rose to £5.1m from £4.2m a year earlier, and once deductible expenses were applied, the company only paid £2.58m.Facebook says up to 10m people saw ads bought by Russian agency Read moreFacebook said the sharp rise in revenue was “attributable to the commencement of advertising reseller services” by its UK operations in April 2016, which drew in “large UK customers”.The slight increase in corporation tax came after Facebook was publicly criticised for contributing only £4.3m in tax in 2014 under an arrangement that treated the UK operation’s revenues as a payment from Facebook Ireland for services.

Källa: Facebook UK pays just £5.1m in corporation tax despite jump in profit | Technology | The Guardian

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