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Facebook says UK tax bill triples to just under 16 million pounds

AFP  |  London 

US giant Facebook's British tax bill tripled to 15.8 million pounds last year, according to a company filing.

The bill compared with 5.1 million pounds in 2016, Facebook's British division revealed in an official document lodged last week.

Media reported however that UK's net tax bill for 2017 will stand at 7.4 million pounds due to a tax relief credit of more than 8.4 million pounds on employee stock awards.

UK's revenues meanwhile swelled by 50 per cent to 1.26 billion pounds last year compared with 2016. But pre-tax profits increased by just seven per cent to 62.7 million pounds.

The comes amid political and public unease over the levels of taxes paid by hi-tech giants like Amazon, Apple, and

suggest that British minister will launch a new digital services tax to stop some US groups funnelling sales income through other countries to cut their tax bills.

The measure is reportedly due in Hammond's budget statement which is due on October 29.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 19:10 IST