The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade. Amazon, Facebook, Google, Netflix, Apple and Microsoft have been named in a report by tax transparency campaign group Fair Tax Mark as avoiding tax by shifting revenue and profits through tax havens or low-tax countries, and for also delaying the payment of taxes they do incur. The report singles out Amazon, which is run by the world’s richest person, Jeff Bezos, as the worst offender. It said the group paid just $3.4bn (£2.6bn) in tax on its income so far this decade despite achieving revenues of $960.5bn and profits of $26.8bn. Fair Tax Mark said this means Amazon’s effective tax rate was 12.7% over the decade when the headline tax rate in the US has been 35% for most of that period. Amazon said the report’s “suggestions are wrong” and that the company had “a 24% effective tax rate on profits from 2010-2018”. Amazon said the company’s “profit margins are low” and that “naturally results in a lower cash tax rate.” Fair Tax Mark said Amazon’s accounting was so complicated there was “no way to discern” how much tax… Read full this story
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