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Apple, Google, Facebook and other tech giants 'avoided £1.3billion in tax in UK'

Apple, Google, Facebook and other tech giants 'avoided £1.3billion in tax in UK'

Cisco and Microsoft, Apple, Google and Facebook allegedly dodged the tax in the UK despite making a combined profit of £8.1billion in 2018 alone

Five tech giants are accused of avoiding an estimated £1.3billion in tax here in 2018.

Apple, Google, Cisco, Facebook and Microsoft raked in a combined profit of £8.1billion here, according to think-tank Tax Watch UK.

But it claims they use “complex financial structures to take profits offshore”, paying a “fraction of the corporation tax they should have”.

The firms’ UK corporation tax totalled £237million in 2018 – an effective tax rate of just 2.9%.

Tax Watch estimates Apple avoided a £559million bill, Google £389million, Facebook £165million, Microsoft £156million and Cisco £44million. There is no suggestion they have done anything illegal.

But Tax Watch’s George Turner said: “The ability to avoid taxes gives an unfair advantage over others who pay their fair share.”

The analysis comes amid speculation that Chancellor Sajid Javid will use next month’s Budget to announce a digital services tax.

Microsoft said its “tax structure reflects [a] global footprint” and Apple said: “We pay all we owe.”

Google insisted it pays “all taxes due” and Cisco said it is “compliant with all applicable laws and regulations”.

Facebook said it took tax obligations seriously.

Source: https://www.mirror.co.uk/

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