| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Innovation Last Updated: Oct 24, 2014 - 4:13 PM


Facebook engineers loss in UK in 2013 - collects tax refund
By Michael Hennigan, Finfacts founder and editor
Oct 23, 2014 - 8:21 AM

Email this article
 Printer friendly page

President Obama speaks to Facebook's Mark Zuckerberg, at a dinner in Silicon Valley, March 2011

Facebook in 2013 paid no UK corporation tax for the second year in a row in 2013 - it got a refund meaning that in the tree years 2011-2013, its total tax payment was a net £3,169 (no zeros missing!).

The giant social networking service reported a pre-tax loss of £11.6m in the UK while Facebook Inc. reported a net global profit of $1.5bn (£900m) in 2013.

Expenses almost doubled to £61bn.

Facebook' s ad revenues in the UK in 2013 jumped 67% to £371m and will almost rival Google's this year according to eMarketer, an ecommerce research firm

UK booked revenues rose from £34.6m to £49.8m - the rest were transferred to Ireland using the Double Irish tax dodge scheme.

Michael Noonan, finance minister, said in last week's Budget that companies like Facebook will be able to use the scheme until 2021.

Facebook had a UK payroll of 172 at end of 2013 and pay rose to £40.8m compared with £21m in 2012. It says the rise related to “share-based payments” worth £15.5m.

The UK staff received 1.52m free Facebook shares worth $118m at their current share price of about $78.

Facebook had paid £185,196 in corporation tax in 2011 and it got a £182,027 credit from the taxman – leaving a charge of just £3,169 in 2013 - which is the total tax charge for 2011-2013.


© Copyright 2011 by Finfacts.com

Top of Page

Innovation
Latest Headlines
Digital Taylorism: Amazon's chief rejects depiction of "soulless, dystopian workplace"
Most surviving startups do not grow; Tiny number powers jobs engine
Despite euro dip China & US remain most competitive manufacturing nations
Business startup rates up in most OECD countries led by Australia and UK
NASA's Kepler mission has confirmed the first near-Earth-size planet
Energy subsidies at 6.5% of global GDP; Commodity prices to remain weak
US startups rely on personal savings, debt; Venture capital funds less than 1%
Europe produces 13 $1bn+ "unicorn" startups in one year; London is Europe's digital capital
Irish-based firms raised €120m in VC funding in Q1 2015; Some top recipients Irish for tax purposes
Ireland: Fourth highest 25-34 year old ratio of third-level graduates in developed world: So what?
Business dynamism/ employer firm startups in US secular decline
Innovation Union Scoreboard 2015: Sweden, Denmark, Finland and Germany are on top
Education systems failing to provide students with skills for success in 21st century
US, Switzerland, Denmark, Sweden, Finland have best higher education systems
Handbook of Service Innovation: Ireland moving up the value chain?
Switzerland revives silk industry that thrived for two centuries
Sales of Irish tech firms create 300 millionaires in 15 years and no scaleups
Apple warns of 'material' tax payments from EU's Irish tax investigation
Apple earnings surge 33% on higher price and iPhone sales jump in China
Big Pharma's internationalisation of R&D to China
The dangers of romanticising entrepreneurs despite key role
UK and Irish business R&D heavily reliant on foreign-owned firms
Silicon Valley and the development of the silicon microchip - Part 2
Ireland: Innovation with or without R&D/ scientific breakthroughs
UK government most open/ transparent in world; Ireland & Greece lowest ranking in Europe
10 questions about Switzerland's Solar Impulse aircraft – answered
Silicon Valley loses its silicon; Typical household income stagnates - Part 1
21st century skills are 18 century skills + a computer
Growing ICT sector in Europe accounts for 5% of employment
Should Ireland copy Singapore's scientific research investment plan?
Startups vs Scaleups: 4% of UK startups have 10+ employees 10 years later
Irish patent filings at European Patent Office fell in 2014
Facebook's maze of privacy settings maybe in breach of European law
Apple to invest €1.7bn in Irish and Danish data centres
Silicon Valley insider warns of dodgy $1bn valuations of private companies
Israel's Startup Nation not a jobs engine; Nor is Irish high tech
Established industries often beat new technology investment returns
Ireland: Noonan said EU to drop Apple tax case; Now expects court case
Irish R&D Tax Credit: No evidence of rising business innovation; Facts don't matter
Apple reports biggest profit of a public company in history