Submitted on Monday 25th January 2016
Published on Friday 29th January 2016
Current status: Closed
Closed: Friday 29th July 2016
Signatures: 5,520
Call for a vote of no confidence in George Osborne.
At the end of last week, Google agreed to pay the UK treasurer £130 million in back taxes, covering the period since 2005, and to also pay higher taxes in the future. UK Chancellor George Osborne hailed it as a "major success." The numbers disagree.
Google’s UK revenue in 2013, as reported by the BBC, was £3.8 billion. If they were to properly account for its UK profits, & its global profit margin of 20-something percent holds true, it would have made something close to £760 million in 2013. At the UK corporate tax rate of 20 percent, that would result in a tax bill of £152 million, but Google paid only £20.4 million that year. That's an effective tax rate of just over 2.5 percent.
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