Sunday, 27 October 2013

FACEBOOK UK PAID NO TAX


A report in the Daily Mirror stated that Facebook UK did not pay any corporation tax. It is legally but high controversial. Facebook UK supposed to have made an official loss of £2.4million. However, the figures show that it had a turnover of “34.6million but experts supposed it was rather £200million from advertising.  It is very hard to establish the exact figure because their accounts are in Ireland which has a lower tax.
Margaret Hodge, chairman of the Committee, said: “This is yet another example of what appears to be deliberate manipulation of accounts of economic activity to deprive the British taxpayer of a rightful tax contribution according to the profits they make in the UK.”
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Richard Murphy of the Tax Research UK, said: “Is this company avoiding tax? Yes, because it’s not recording its sales income in the UK.”

Facebook owners Mark Zuckerberg said: “We pay all taxes required by UK law and we comply with tax laws in all countries where we operate. We take our tax obligations seriously and work closely with national tax authorities around the world to ensure compliance with local law.”

However, experts revealed that Facebook taken into account share options it granted staff when it floated on the stock exchange.  The US parent company made a turnover of £3.1billion last year.

Face book is not the only big company which uses loopholes to reduce or avoid taxes. David Cameron made several speeches about tax avoiders and was supposed to use the G8 meeting to set up an agreed law to cut down these loopholes.  Ever since, the public never heard anything about it again which is always the same story. His own father-in-law which has a great estate in Scotland uses an account in Holland to avoid taxes. It was published only recently.

This is also part of the trying to gag the Press they reveal too many secretive fiddles which the present government does not like.


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