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Facebook agrees to pay millions more in UK tax Facebook agrees to pay millions more in UK corporation tax following criticism of Ireland arrangement
(35 minutes later)
Facebook will pay millions of pounds in tax to the British Government Facebook is expected to pay millions of pounds in tax to the British Government after years of criticism over its arrangements.
The BBC reports that income from its largest advertisers will now be taxed in the UK after the company announced stopping routing profits through Ireland. The BBC reports that income from its largest advertisers will now be taxed in the UK after the company stops routing profits through Ireland.
The profits will now be subject to corporation tax, of which it paid just £4,327 in 2014. The revenue will then be subject to corporation tax, of which Facebook paid just £4,327 in 2014 despite an annual profit of £1.9 billion.
Changes will reportedly be put in place in April, with the first, new tax bill to be paid in 2017.Changes will reportedly be put in place in April, with the first, new tax bill to be paid in 2017.
More follows It was revealed yesterday that HMRC pays Facebook six times the amount the company pays in tax to buy adverts telling people to pay their taxes.
A Freedom of Information request by Channel 4 News revealed the company was paid £27,000 by HM Revenue and Customs (HMRC) last year.
“Like all large organisations we find that an increasing number of those we serve communicate through and get their information from social media," a spokesperson for HMRC said.
"Our investment in social media is carefully evaluated to ensure we are getting maximum value for the taxpayer."
Facebook is just one of a long line of multinational firms to be criticised over the size of their UK tax bills, with Google, Starbucks and Amazon also coming under fire.
The Chancellor, George Osborne, pledged to crackdown on tax avoidance by introducing a "diverted profits tax" to penalise companies that move their profits outside of the UK to countries with lower corporation tax rates in order to pay less to the Treasury.
The penalty, nicknamed the "Google Tax", came into effect in April last year.
Facebook has not yet responded to The Independent's request for a comment.