Facebook has decided to change its tax structure in order to pay more UK tax.
Quite what brought about this volte face is not clear (brand reputation possibly).
As per the BBC:
I wonder what Facebook expects to gain from this?"Facebook is set to pay millions of pounds more in tax in the UK after a major overhaul of its tax structure.After heavy criticism that it was avoiding tax, the BBC can reveal that profits from the majority of Facebook's advertising revenue initiated in Britain will now be taxed in the UK.
It will no longer route sales through Ireland for its largest advertisers.
That includes major businesses such as Tesco, Sainsbury's, consumer goods firm Unilever and advertising giant WPP."
The volte face is ironic, given that yesterday HMRC defined tax avoidance out of existence!
Tax does have to be taxing.
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Hmmm...ITV News reports that HMRC paid Facebook more in advertising fees during 2014 than Facebook paid in tax!
ReplyDeleteUnsure as to what is the most sordid part of that statement, but HMRC pays a few more offshore institutions that pay little or no tax in UK loadsa money e.g. Google.
It seems to be as though bad publicity and possible knock-on effects combined with future tax legislation changes have caused this benevolent change of heart. It sure as hell is not as a result of HMRC efforts.
It might be panic. 'Honest Eddie' Troup is on the case, after all.
ReplyDeleteFacebook should buy them a few slap-up meals. HMRC will probably settle for a monkey, cash.
ReplyDelete