UK lost out on £2bn in tax in 2021 as big tech shifted profits abroad, claim campaigners
The UK might have missed out on as much as £2bn in tax in 2021 from big tech companies shifting their profits elsewhere, according to an estimate by a group campaigning for greater tax transparency. Seven of the biggest US-headquartered tech companies, including Apple, Microsoft and Google owner Alphabet, are estimated to have paid £750m in UK corporation tax and the digital sales tax, compared with £2.8bn in estimated tax due had profits not been routed elsewhere, according to TaxWatch, a campaign group.
Big multinational companies often have complicated structures using different subsidiaries around the world. In many cases that makes it near impossible for observers to calculate how much tax they have paid in the UK, and whether the amounts paid align with the amount of activity in the UK.
To try to get around the lack of data, TaxWatch estimated how much UK tax these global groups would have paid if their British subsidiaries declared profits at the same rate as they declare them worldwide. There is no suggestion that the companies involved have evaded taxes illegally.
You can catch Myself & Lee Corne every Wednesday 9PM UK Time on The Snowflake Show https://www.youtube.com/@TheSnowflakeShow
https://linktr.ee/reganelite
https://discord.gg/xCjFtYdSJp
https://www.buymeacoffee.com/Reganelite
Exclusive Content on Patreon
https://www.patreon.com/Reganelite
-
LIVE
Vigilant News Network
10 hours agoDamning Evidence of a Secret Service COVER-UP w/ Brian O’Shea - Media Blackout
3,617 watching -
4:06:38
SNEAKO
10 hours agoIs Love Real? - One Minute Podcast in NYC
118K72 -
12:54
Winston Marshall
4 days agoWas JD Vance Right About The UK?! Shocking Scenes As VIOLENT Protests Erupt Weekly
72.6K170 -
6:44
My Self Reliance
6 days agoRegenerative Farming on an Old Log Homestead Step 1: Restoring the Pasture on my Sister's Homestead
70.2K21 -
2:54:47
ThatStarWarsGirl
8 hours agoTSWG LIVE: Elden Ring DLC Gaming Stream! 1st Playthrought
75.8K3 -
35:36
Stephen Gardner
10 hours ago🔴Kamala Harris' Epic Fail: The Mistake That Could End Her Career!
112K202 -
2:11:19
George Galloway
2 days agoBRITAIN BURNS - MOATS with George Galloway Ep 366
112K132 -
2:48:31
Resistance Chicks
11 hours agoBritain Descends Into Chaos! Venezuela on the Brink of Collapse - Olympic Fallout Continues 8/4/24
85.7K60 -
57:06
FULL SEND PODCAST
2 days agoJ.D. Vance Reveals Why Trump Chose Him as VP and Exposes Kamala Harris and the Democrats!
97.5K166 -
2:04
OutdoorChannelTV
3 days agoThe Buck Known as Big Bacon
80.8K48