Articles about tax

Western Dig revenues take $0.82bn spanking from US tax shake-up

Drive-shipper Western Digital reported record revenues in its second quarter but new US tax laws dragged it into a $0.82bn net loss. Revenues were $5.3bn, 8.4 per cent higher than a year ago, and just 2.3 per cent up on the previous quarter. There was a GAAP net loss of $823m, which, WDC said, "includes a provisional net tax …
Chris Mellor, 26 Jan 2018

Tax Google and Facebook for a job subsidy scheme? Sigh

Comment As British politicians are urged to target Facebook and Google with a new tax and pour the profits into a scheme for funding public interest journalism, it’s worth taking a close look at the vested interests demanding this course of action. At a Society of Editors conference held last week, former Minister of Fun* John …
Gareth Corfield, 22 Jan 2018

Squeezing more out of slippery big tech may even take tax reforms

Over the next few weeks Facebook, Amazon and Google’s owner Alphabet report full-year results. Inevitably, this will reopen debate on whether big technology companies pay enough tax in countries outside the US bases, something that's been discussed for several years. The difference is that now politicians in several countries …
SA Mathieson, 22 Jan 2018

Make Apple, er, America Great Again: iGiant to bring home profits, pay $38bn in repatriation tax

Apple announced today it will start to repatriate back to America some of the massive profits it accumulated outside the USA – and will use the cash to Make America Great Again. We’re using the Trump catchphrase because Apple’s action is only possible thanks to the new tax arrangements that the US president campaigned on, …
Simon Sharwood, 18 Jan 2018
HMRC photo, Gov.uk

UK taxman told to go easy on transformation with Brexit in headlights

The UK government's spending watchdog has warned HMRC is biting off more than it can chew by undergoing major transformational projects while simultaneously coping with the fallout of Brexit. HMRC's transformation programme is not as "deliverable" as planned due to unrealistic assumptions and increased pressure from the …
Kat Hall, 12 Jan 2018
Trying to catch money in a net

Apple agrees to pay £136m in back idiot taxes to UK taxman

Apple has agreed to cough up £136m in back taxes to HMRC following an "extensive audit" by the tax man. In its Company's House filing for the year ended April 2017, Apple Europe said: "Following an extensive audit by HMRC the company has agreed to pay the adjustment covering prior years up to September 26 2015. This payment of …
Kat Hall, 10 Jan 2018

UK security chief: How 'bout a tax for tech firms that are 'uncooperative' on terror content?

Tech firms are indirectly costing the UK government millions in "human surveillance" of extremist content and should have a windfall tax levied against them to make up for it, according to security minister Ben Wallace. Wallace said that inaction from internet giants means the cost of tackling terror content is "heaped on law …
Rebecca Hill, 2 Jan 2018

Republican tax bill ready to rescue hard-up tech giants, struggling rich

Wealthy individuals and businesses can direct their underlings to ice the Dom Perignon and fuel their private jets in celebration of the US Senate's expected passage of the Republican tax bill on Wednesday. It would have happened Tuesday but for a procedural problem that required two provisions to be removed from the bill. The …
Thomas Claburn, 20 Dec 2017

Italy leans on Amazon to retrieve €100m in unpaid tax

Amazon and the Italian government have agreed that the online shopping colossus will pay €100m (£88.3m) in back tax for 2011 to 2015, after a year of arguing. In a statement to Il Messaggero (in Italian), the Italian Ministry of Economy and Finance (MEF) said that its relationship with Amazon was back on track, and that it …
Richard Priday, 18 Dec 2017
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Facebook announces ad revenue reroute: When Irish eyes are crying

Facebook has said it will no longer send advertising revenue through Ireland, and instead pay taxes in the countries where profits are earned. In a major overhaul today, the firm said it will make the change in every country outside the US where it has an office. By Dave Wehner, chief financial officer, said: "We believe that …
Kat Hall, 12 Dec 2017
Grinning man in suit points at a calculator meaningfully. Pic via Shutterstock

Apple looks forward to wiping $47bn off its overseas profit tax bill – thanks to US shakeup

While Apple may have to fork out €13bn (£11.4bn) to the Irish government in back taxes, on the other side of the Pond it could gain $47.2bn (£35.2bn) in tax breaks. The US Senate and House are working on shaking up America's tax rules, mostly giving the super-rich tax breaks while giving poor people a rough deal. The draft …
Apple

Escrow you, Apple! Ireland expects Cupertino to cough up to €13bn

Apple has agreed to start paying the Irish government up to €13bn (£11.4bn) next year. A spokeswoman from Ireland's Department of Finance confirmed an agreement had been reached with Apple in relation to the framework of the principles that will govern the escrow arrangement, whereby it will deposit money with a third person …
Kat Hall, 4 Dec 2017
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French activists storm Paris Apple Store over EU tax dispute

French activists on Saturday occupied a Paris Apple Store as part of a campaign to try and shame Cupertino into paying local taxes. According to local reports, around 100 members of an anti-globalisation group called Attac occupied the store, near the Paris Opera, for “several hours”. Agence France Presse quoted Attac's …
Phiip Hammond, photo via Shutterstock

Budget 2017: How to make a downbeat forecast sound better. Say 'tech' a lot?

“The world is on the brink of a technological revolution,” UK chancellor Philip Hammond declared in Blighty's Autumn budget today. “We choose the future; we choose to run towards change, not away from it.” Indeed, lip service to tech featured prominently in the budget – including re-announcing funding for driverless cars ( …
Kat Hall, 22 Nov 2017

Car tax evasion has soared since paper discs scrapped

The abolition of the paper tax disc is costing the UK government £107m due to an increase in car tax evasion. According to statistics from the the Department for Transport (DfT), 1.8 per cent of vehicles on UK roads in 2017 were unlicensed, compared to 1.4 per cent in 2015. This equates to around 755,000 vehicles and could …
Kat Hall, 17 Nov 2017

Paradise Papers reveal Apple moved bits of biz offshore

Apple has continued to avoid the heavier taxes that some countries would like to exact by moving parts of its company to Jersey, the Paradise Papers have revealed. Outlets that have perused the papers – a large scale leak of financial documents from offshore law firm Appleby – say they show how the company used the firm to …

Boffins befuddled over EU probe into UK's tax rules for multinationals

Experts are mystified as to why the European Commission has launched a probe into the UK tax arrangements of multinationals. Last week the commission opened an investigation into a UK government scheme it claims exempts large companies from anti-tax avoidance measures, believing the dispensation may break EU competition rules …
Kat Hall, 30 Oct 2017
HMRC photo, Gov.uk

Watchdog slams HMRC, Amazon over 'dismal' response to UK biz hurt by online VAT fraud

HMRC, Amazon and eBay have not done enough to crack down on overseas sellers evading VAT in the UK, a “dismal” failure that has hit British businesses hard, the House of Commons' Public Accounts Committee said today. The select committee's report, Tackling online VAT fraud and error, warned that online sellers who do not …
Kat Hall, 18 Oct 2017

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