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ExtraTorrent.cc > Articles > Facebook Paid No Corporation Tax in Britain, Again

Facebook Paid No Corporation Tax in Britain, Again

Facebook Paid No Corporation Tax in Britain, Again

Added: Sunday, November 2nd, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
The largest social network in the world paid no corporation tax in the United Kingdom for the second year in 2013. At the same time, its staff received Facebook shares worth tens of millions of pounds. Facebook reported a pre-tax loss of £11.6m in Britain in 2013, while its American parent company reported a net profit of $1.5bn.

Facebook revenues in the United Kingdom increased by 43%, from £34.6m to £49.8m, according to the company’s latest financial filing. The social media company classifies its turnover as “marketing and engineering services”, as much of the company’s advertising revenues are funneled via Ireland in order to take advantage of much lower tax rates.

Facebook made £371m in advertising revenue in 2013, which is a 67% year-on-year rise from the £222m in 2012. In the meantime, Facebook UK incurred a corporation tax charge of as little as £3,169, while receiving a credit of £182,000.

Facebook UK employed an average of 172 British staff. The employees were paid £40.8m in 2013, which is almost double the 2012 figure of £21m. The company says this was due to a £15.5m payment cost for “share-based payments”. It is also known that British staff received 1.52m free Facebook shares that are worth $118m given their current share price of around $78. As of 31 December, 2013, there were also 2.2m shares worth more than $170m “outstanding”. As usual, the government once again made promises to change the laws and crack down on offshore tax avoidance.

Posted by:  SuperAdmin
Date:  Sunday, November 2nd, 2014

Comments (6) (please add your comment »)

posted by (2014-11-02 07:23:05)
paras31 avatarFB Sucks

posted by (2014-11-02 08:43:53)
No avatarThe thing is that companies as big as fb generate more revenue through their everyday business than the tax they will pay. Obvious you say. Well governments around the world are fighting for tax dollars .so the make deals to keep them in the country.
If governments push to hard they just pack up and go.

posted by Trusted UploaderSite FriendET loverSupermanTurtle (2014-11-02 09:29:29)
Beolab1700 avatarWhile, as we know, the bulk of American companies are repulsive, you can't blame them for the moronic tax laws in the UK, you can blame the government for that. The continued Tax loops prove just how weak our current 'leaders' are, or, rather just how much individual politicians are more concerned with their friends ( see bribery ) profits than the well being of the people who voted them in. This will always be the case until politics funding is radically changed, I'd much rather see the tax payer paying for political campaigns rather than individuals and companies with an agenda..... And this BS about companies upping sticks and no longer trading in one of the worlds biggest economies is nothing more than threats.. after all, when it comes down to it I think they'll take one billion a year instead of two. If not, well bugger off then, I'm sure a British company can do the same as some insidious American cartel.

posted by Turtle (2014-11-02 11:01:42)
Warwicked avatarThe filthy rich get filthier every day. The French aristocracy refused to pay taxes, then came the guillotine.

posted by Site FriendET junkieET loverSupermanTurtle (2014-11-05 12:35:07)
STFU avatarand yet they raise taxes to compensate for the illegal immigrants instead of doing there job and reintroducing extermanation camps for the lets say scum that they are

posted by (2014-11-08 03:36:58)
No avatar@Warwicked "The filthy rich get filthier every day." Its so obvious when you walk past a bank here. Advertising a GIC of 1.8% if you lock up your money for 18 months. In the meantime the credit card they are hooked up with through that bank charge on average 19.9%. Or a personal loan at 10% or more. Banks are loan sharks, nothing more. Banks learned well from the mafia.

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