FIRST AIRED: October 10, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

World

Facebook gets £11 million UK tax credit

Opening sequence

Opening sequence

World

Facebook gets £11 million UK tax credit

0:00
16:55
More Info

COMING UP:Facebook gets £11 million UK tax credit

×

Transcript

00:00:01
>> Just months after promising to pay more tax in the UK, Facebook has ended up with a 11 million pound tax credit for 2015. Despite European revenue jumping more than a third, to $1.4 billion, the social media giant reported a UK loss of 52 million pounds last year.
00:00:19
Reuters correspondent, Tom Bergin.>> The revenue it gathers in a place like the United Kingdom is shunted off to Ireland, and there from Ireland, will usually go to some other tax haven where no tax is paid on that profit.>> The lobby group, Tax Justice Network says in practice, the company appears to have paid nothing in corporate tax.
00:00:40
Facebook, though, says it's paid everything it's required to by law. British lawmakers have criticized large tech companies in recent years, accusing them of exploiting loopholes to pay almost no tax on non US profits.>> If you are a tax dodger we're coming after you.>> Last year, the UK government introduced a new tax to target structures like Facebook, prompting the company to begin reporting some revenues in Britain this year.
00:01:07
>> The reality is, will any of these measures work? We don't know. What we do is the companies will be spending a lot of money on lawyers and accountants to make sure they pay as little as possible.