Facebook’s UK arm ended 2015 with an £11.3m credit to offset against future tax payments just months after vowing to contribute more to the Exchequer.
Despite reporting a worldwide profit of $6.19bn (£4.97bn), accounts for the social network’s British holding company show that it ended the year with a £11.3m tax credit, compared to a charge of £4,327 in the prior year.
Although Facebook UK did pay £4.17m in corporation tax for the year to December, accounts just filed at Companies House show that it ended 2015 in credit thanks to accounting rule changes.
Read the Full Article: Source – The Telegraph
Time For Truth: (The Telegraph) – Facebook gets £11m tax credit, after vowing to pay more to taxman