Some interesting data about large multinationals and the amount of tax they have paid in the UK, compared to their turnover.
If we look at tax as a % of 2011 turnover, we see many paying a small percent.
Source: Guardian data via Duedil
The share of turnover paid in tax by Facebook, might look impressive, but Facebook have been accused of under-reporting their true turnover in the UK.
Facebook paid its 90 UK-based staff an average of £275,000 each in 2011 while contributing just £195,890 to the Treasury’s coffers. Facebook reported UK revenues of £20.4m, but media analysts estimate that the true UK turnover is closer to £175m in 2011. (Facebook under-report)
Total Tax Paid by Selected Companies
|UK turnover, 2011 £||Profit before tax, 2011 £||Tax paid, 2011|
The investment bank, Goldman Sachs paid by far the largest amount of corporation tax.
Microsoft Tax Avoidance
Microsoft pay just 3% of their turnover. Some estimate Microsoft’s worldwide tax avoidance amounts to $4.6 billion, with approx £105m in the UK. (Microsoft tax avoidance)
Google Tax Avoidance
Google is estimated to put 90% of its turnover through its Irish subsidiary to benefit from lower corporation tax in Ireland. It also routes some money through Bermuda
Google had £2.5bn of UK sales in 2011. But only paid £3.4 million UK tax. A tax rate of 00.1% despite having a global-wide profit margin of 33%.
Amazon had a turnover of £3.9 bn but the company paid just £1.9m in tax – the equivalent of just 2.5 % of its estimated profits