Facebook: Taxes in the UK and a new Shopping tab
Jonathan BenitoFacebook, the social media giant, is causing a lot of stir in the UK and not in a good way. In a report by the Guardian, Facebook apparently only paid £4,327 of corporation taxes when its actual turnover is way over £104 million in 2014. It seems outrageously small enough for a giant like Facebook and more so, an average UK employee actually pays more than that.
Facebook is not the first to earn the ire of citizens regarding inappropriate taxation corporate tax abuse. The UK has had a lot of history regarding this issue and the clamor for laws that would require a more detailed explanation and improve tax accounting requirements. Facebook did offer the most minimum of explanation required and the fact that most citizens have no way of figuring out if they did pay the correct amount yields more questions than answers.
The fact that the company paid £35 million in shares to employees is enough to raise an eyebrow or two. However, the company's losses and other factors to consider make their actual profits murky at best. BBC actually reports that even the UK's Taxpayer Alliance would have to agree that Facebook is not doing anything illegal, pointing out that the laws are clearly at fault and would have to be overhauled soon.
Meanwhile, Facebook continues to evolve as a one stop social media by testing a new shopping tab for in-app retail purchases. In a blog post, Facebook wrote that nearly half of people who come to Facebook are actively looking for products and its a good way to have people view their ads longer and allow users to share and buy products online. In the same way the company has encouraged news outfits to share their content directly, it also offers the same initiative to small businesses who would like to use the social media as a platform to grow their business.
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