Home Business News Facebook’s massive tax bill in the UK

Facebook’s massive tax bill in the UK

by Purvai Dua
8th Oct 18 9:56 am

According to accounts filed at Companies House, Facebook has paid £15.7m in tax to HMRC last year— three times the amount of tax it paid in 2016.

The tech giant’s profits also jumped 6.3 per cent to £62.7m in 2017, up from £58.4m a year earlier. The tax charge is calculated on this pre-tax profits. 

In another development, PayPal’s UK subsidary has agreed to pay an extra £3.1m in tax following a review by HMRC.

In its newly-filed accounts, PayPal says: “HMRC has been reviewing the company’s direct tax position.

“As a consequence, the company has agreed and settled its outstanding liabilities and as a result is not subject to any current enquiries.”

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