Facebook channelled profits through a
series of tax havens in order to pay just £2.9m of corporation tax on
more than £800m of overseas profits in 2011, it has been reported.
Like
Google and Apple the social networking site is said to have used its
headquarters in Ireland to avoid tax liabilities in the UK before
directing earnings to a subsidiary in the Cayman Islands.
British
companies that buy advertising on Facebook must do so via Facebook
Ireland Ltd which entitles the company to sidestep HM Revenue and
Customs and authorities in other higher-tax jurisdictions, reported the
Sunday Times today.
When Obama did a townhall at Facebook's headquarters in California, Mark Zuckerberg can be heard saying he is cool with paying higher taxes...
Zuckerberg tells Obama he's "cool" with paying higher taxes
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