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Report finds US Tech firms 'aggressively avoiding' global tax

Author: Rupert Neate, The Guardian, Published on: 4 December 2019

"New study deems Amazon worst for 'aggressive' tax avoidance", 2 December 2019

The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade.

Amazon, Facebook, Google, Netflix, Apple and Microsoft have been named in a report...as avoiding tax by shifting revenue and profits through tax havens or low-tax countries, and for also delaying the payment of taxes they do incur.

The report singles out Amazon...as the worst offender...Amazon said the report’s “suggestions are wrong”..“Governments write the tax laws and Amazon is doing the very thing they encourage companies to do – paying all taxes due while also investing many billions in creating jobs and infrastructure..."...

 Facebook said: “We take our tax obligations seriously and pay what we owe...In 2018 we paid $3.8bn in corporation tax globally...Under current rules we pay the vast majority of the tax we owe in the US as that is where the bulk of our functions, assets and risks are located. Ultimately these are decisions for governments..."...

The report also detailed smaller than expected cash tax payments by Google, Netflix, Apple, and Microsoft. All of the companies said they paid the correct amounts of tax and disputed Fair Tax Mark’s figures.

Read the full post here

Related companies: Amazon.com Facebook Google (part of Alphabet) Microsoft Netflix