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Facebook faces backlash over £7.4m UK tax bill

Facebook faces backlash over £7.4m UK tax bill

Technology
The chancellor is under growing pressure to impose tougher taxes on multinational firms following the publication of Facebook's latest UK accounts. Documents released on Monday showed the company paid a net £7.4m in corporation tax last year after an £8.4m credit for staff share awards cut the total from £15.8m.Facebook had booked a 7.5% increase in pre-tax profits to £62.8m on revenues of almost £1.3bn - up almost a third on 2016.It pointed to damage to profitability from a £759m cost of sales and £444m in "administrative expenses" that were not explained.Facebook - like other US-based international companies - point out that taxes paid are within the legal frameworks of the nations in which they operate.There have been multilateral effor...