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I paid just £20m on £3.3bn UK revenue... My Name..... Google

Infinity
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I paid just £20m on £3.3bn UK revenue... My Name..... Google

Google pays just £20m on £3.3bn UK revenue
These numbers are artificially low because Google officially registers much of its British sales in Ireland, where the headline rate of corporation tax is 12.5 per cent compared with 21 per cent in the UK.
And the internet behemoth is then able to slash its bill even further by siphoning cash out of Ireland by paying royalties to another firm based in the tax haven of Bermuda.

http://www.dailymail.co.uk/news/article-2704927/Google-pays-just-20m-3-3bn-UK-revenue-Fresh-outrage-...
17 REPLIES
Thunderclap
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Cool Kind of puts my demand from HMRC for unpaid tax - with the explicit threat of court action plus all recovery costs - for £2 into perspective. But they need my money to waste on schools, hospitals and the associated management consultants, because the billions they could raise is reflowed elsewhere. So what exactly do these large corporations do with the billions dollars they have evaded in tax anyway? Even after they've bought off the Senate, Congress and the Californian legal system, they've billions left over?
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Yeah this is rife with these large international companies.
Amazon were been grilled by a MP committee about their profits, the amazon guy was playing dumb only providing data thats on a public website.
What they found out wasnt much but was.
Amazon profits from stock, sales etc. was all offshore to luxembourg.  The uk operational registered profits were just from management of the warehouses.
Now most people will think thats where amazon is paying theit tax, bit it seems even luxembourg's low rate of tax is too much for its owners.  As they evade it there also.
they have several billions of revenue registered in luxembourg but most of it is sent as a cost to another third party company who's details were not been revealed by this guy.  So even in luxembourg the registered profits were very low.
This is why I keep saying that to lower corp tax to encourage companies to come here is stupid, they hide the profits anyway even in luxembourg, these guys will evade paying tax as much as possible, just pure greed.
In my mind the only solution is to tax turnover, but it does open a new can of worms if the company is making a genuine loss. and the obvious counter by the company would be to increase prices to match the new tax.
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Quote from: Thunderclap
Cool Kind of puts my demand from HMRC for unpaid tax - with the explicit threat of court action plus all recovery costs - for £2 into perspective. But they need my money to waste on schools, hospitals and the associated management consultants, because the billions they could raise is reflowed elsewhere. So what exactly do these large corporations do with the billions dollars they have evaded in tax anyway? Even after they've bought off the Senate, Congress and the Californian legal system, they've billions left over?

private investors.
DaveyH
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Hate the game not the players...
WTF
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

The EU has a draft agreement that's been waiting in the wings for the best part of a decade that would go a long way (probably as far as anyone can reasonably expect) to addressing these issues however our government - the same one that's been bleating on about the issue and taking a few CEOs to task in front of commitees - is preventing the agreement from coming into force.
Basically, the issue is this:
Countries (and their taxpayers) would like to tax companies on the profits derived in their markets - but cannot.
Multi-national companies would like to minimise the amount of tax they pay - and can by manipulating their accounts to move profits - effectively, booking costs to other jurisdictions - to wherever corporate tax rates are lowest (e.g. Ireland).
To resolve these issues, you must find some way of fairly allocating company profits to the countries in which they were made.  The countries can then apply whatever tax rate they choose to the profits allocated to their jurisdiction.
The EU agreement proposes a method of allocating these costs.  It's not perfect - perfection is simply not possible - and it's somewhat limited as it's an EU not global agreement.  It is however, the ONLY game in town and is likely to remain the ONLY game in town for the forseeable future, given the international communities complete inability to agree anything relating to trade - for example, it's now nearly 30 years since the last international free trade agreement.
The tories and other right wing governments, despite their protestations, simply do not want to solve the problem because their paymasters would lose money - to we tax payers.
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Yeah like when cameron veto'd regulation on banks?  It hurts his paymasters.
nanotm
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

what regulation on banks ?
he veto'd charging a per transaction fee that would of seen the entire LSE trade system up sticks and move out of the EU to a place where they don't get charged per transaction the only reason to make such a scandalous move on share trading is to profiteer through taxation and encourage all trade to shift into a tax haven and effectively crash any hint of EU recovery from the financial crash, oh but it wasn't going to be applicable to trading centres like Frankfurt or Paris .....
lets not forget here that it was Gordon brown who gave the banks 255 billion pounds for free so they didn't collapse because of bad trading and another 270billion toxic asset fund was provided (which had a fee of less than 5% for anyone using it) then started devaluing the currency by printing more money and giving it to the banks under quantative easing plans so they could at least pretend they were still solvent, and lets not forget he masterminded the takeover of northern rock where they effectively forgave all mortgage debts by failing to produce the required paperwork within the timeframe stated by the banks code of business....
the regulations on banks that they required to hold a fixed % of assets as cash (in order to prevent such a crash from happening in the future) were not only passed but pushed by the UK as the best start to fixing the problem and then revised upwards with only the UK banks managing to achieve the requirements, something that in no small part saw the Cypriot and Spanish banks crash long after recovery had started .....
just because your paranoid doesn't mean they aren't out to get you
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

that bank bailout continues now and your favourite party agrees with it, nanotrm you seem to be on a political agenda.
I wouldnt care if those vultures moved out of london so we can get a proper economy back.  I dont have much time for people who dont want to pay tax.
nanotm
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

you realise that even ed & ed were completely against the proposed transaction levy ?
and if you move the bankers out of the Uk who is going to offer the investment funds to operate businesses ? the answer is without the banking sector to support other industries there will be no proper economy,  the problem is getting away from labour infatuation with banks and debt is a lot harder since they scared away all our industries to the third world when they got rid of all the economic safeguards that had previously held them here .....
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

investment bankers are not the retail banks you see on the street.  They would still be around.
Community Veteran
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Registered: 27-10-2012

Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

I pay my taxes - as do all other investment bankers...there are no loopholes for us.
Moderator
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Thanks for the reminder that I have to pay my £10.90 refund into my bank Sad
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

My point was if a transaction tax was introduced and "then" these investment banks then jumped ship after that event for the purpose of avoiding that tax instead of accepting it.
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Re: I paid just £20m on £3.3bn UK revenue... My Name..... Google

Revenue != Profit.