There are so many reasons to hate Facebook!
Here's one:
https://www.theguardian.com/technology/2018/oct/08/facebook-uk-tax-bill-sales-margaret-hodgeFrom the article, for the lazy:
Facebook's UK tax bill rises to £15.8m – but it is still just 1% of sales
Margaret Hodge MP says it is ‘outrageous’ how little tax the company pays in BritainRupert Neate @RupertNeate
Mon 8 Oct 2018 14.52 BST First published on Mon 8 Oct 2018 13.14 BST
Facebook paid £15.8m in tax in the UK last year despite collecting a record £1.3bn in British sales.
The social media giant’s accounts show that while Facebook increased its UK income by more than 50% in 2017, its pre-tax profits increased by only 6% to £62.7m. The Silicon Valley-based company’s UK taxable profits were reduced by a £444m charge for unexplained “administrative expenses”.
Globally, Facebook made $20bn (£15.3bn) of profit on total sales of $40bn last year, meaning it converted half of its sales into profits. However, in the UK only 5% of sales were converted into UK-taxable profits.
Facebook was able to reduce its £15.8m tax bill further by claiming £8.4m in tax credits from granting its employees shares in the company. That means the net tax it paid was £7.4m – less than 1% of its total sales.
Margaret Hodge, a Labour MP and former chairman of the public accounts committee, said it was “absolutely outrageous that Facebook’s UK tax bill is 0.62% of their revenue here; on an income of £1.2bn they really should be paying much more than £7.4m”.
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Face Book pays 1% corporate tax and I pay more than %20! If only I could just make up an "administrative expense" , except I would go to jail.
Face Book is also the reason Trump is President and the UK voted for Brexit.
