UK lost £2bn in Big Tech tax

TaxWatch says lack of transparency underscores need for by-country reporting

clock • 3 min read
Big Tech profit shifting reduced UK tax bill by over £2 billion in 2021, claim campaigners
Image:

Big Tech profit shifting reduced UK tax bill by over £2 billion in 2021, claim campaigners

New estimates reveal the UK may have missed out on as much as £2 billion in tax revenue in 2021, as major tech firms shifted their profits abroad.

Campaign group TaxWatch analysed the contributions of seven of the largest US-headquartered tech firms - Microsoft, Amazon, Alphabet, Apple, Meta, Adobe and Cisco - and found that they paid only £7...

To continue reading this article...

Join Computing

  • Unlimited access to real-time news, analysis and opinion from the technology industry
  • Receive important and breaking news in our daily newsletter
  • Be the first to hear about our events and awards programmes
  • Join live member only interviews with IT leaders at the ‘IT Lounge’; your chance to ask your burning tech questions and have them answered
  • Access to the Computing Delta hub providing market intelligence and research
  • Receive our members-only newsletter with exclusive opinion pieces from senior IT Leaders

Join now

 

Already a Computing member?

Login

You may also like
Google and Canada strike deal to avert news ban under Online News Act

Government

The search company has agreed to pay C$100m annually to support news organisations

clock 30 November 2023 • 2 min read
Will Adobe have an unfaor advantage over competitors?

Mergers and Acquisitions

The regulator is uneasy about the deal but has twice extended its decision deadline

clock 29 November 2023 • 3 min read
Adobe's Figma acquisition could harm innovation, UK regulator

Corporate

CMA's investigation says $20bn deal could sqash competition to Photoshop and Illustrator

clock 29 November 2023 • 3 min read

More on Finance and Reporting

Microsoft Q1 income rises: It's all about AI says CEO Nadella

Microsoft Q1 income rises: It's all about AI says CEO Nadella

Microsoft reported total revenue of $56.5bn for the quarter, up 12% year-over-year

clock 26 October 2023 • 12 min read
Google Cloud income rises as Pichai pushes AI everywhere

Google Cloud income rises as Pichai pushes AI everywhere

But shares drop as analysts underwhelmed

clock 25 October 2023 • 6 min read
Databricks seeking new funding that could push its value to $43b

Databricks seeks new funding that could push its value to $43b

Databricks is one of the fastest growing companies in Silicon Valley

clock 29 August 2023 • 2 min read