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
https://thenextweb.com/news/uk-lost-e2-3b-in-tax-from-big-tech-because-rules-are-no-longer-fit-for-purpose
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