Facebook reports 11-million-pound UK tax credit as revenues soar
Facebook said its main UK subsidiary generated an 11-million-pound tax credit in 2015 even as revenues soared, thanks to its tax efficient structure, accounts published on the weekend showed.
Analysts say Facebook generates hundreds of millions of dollars in revenue from UK clients each year but until this year all transactions were booked in Ireland, minimizing the social media group's UK tax bill.
Facebook UK Ltd is funded by affiliates such as the main Irish unit. It received over 210 million pounds ($261.14 million) in 2015 from these affiliates. But that wasn't enough to cover its... read more
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