Facebook’s corporate taxes don’t appear to match its large profits.
The company’s revenues in the U.K. In 2014 were around $1 billion. According to the Sunday Times, it paid just over $6,000 in corporate taxes. Though tax rates differ from country to country, the corporate tax rate in the U.K. Is 21% for companies with profits of over $427,320, or £300,000. The $6,000 that Facebook (FB) paid is 0.0006%, and the Times reported that the social media giant resisted an investigation by the HMRC, the U.K.’s tax authority.
Globally, Facebook made about $3.4 billion in profits and paid about $122 million in corporate taxes, a rate of nearly 3.6%.
This news comes on the heels of a tax deal between Google (GOOGL) and the U.K. That has been criticized by tax experts and politicians for being too low, as Coins2Day previously reported. The HMRC announced that Google would be making a back payment of $190 million on profits made in the last decade, which amounted to over $10 billion.
Coins2Day contacted the company on Sunday for comment, and will update the article accordingly.