Facebook said it has generated sales of £1.2 billion in UK in 2017 — and paid £7.4 million in tax, according to media reports.
Facebook’s tax bill is equivalent to 0.62 percent of its UK revenue. The web giant’s initial tax bill of £15.8 million was slashed by more than half after it claimed a tax credit of £8.4 million for giving shares to staff.
Around 38 million people in the UK use Facebook each month. The California-based social media company’s UK results revealed that its profits rose by six percent to £62.7 million in 2017.
The European Commission’s plan to impose an EU-wide three percent digital tax on tech giants has run into opposition.