UK lost €2.3B in tax from big tech because rules are ‘no longer fit for purpose’

Up to €2.3bn of annual tax from big tech may be missing from the UK’s coffers because of archaic rules. That’s according to TaxWatch, a think tank formed to expose abuses of the taxation system. In new research, the group analysed the finances of seven tech giants: Apple, Microsoft, Meta, Amazon, Adobe, Cisco, and Google owner Alphabet. TaxWatch estimates these companies made almost £15bn (€17.3bn) of profit from British customers in 2021 alone. However, international tax rules allow these firms to shift most of these profits to other countries. As a result, they were only liable for annual UK taxes…

This story continues at The Next Web

from LatestTechyTalks