Amazon pays £1.7m corporation tax in the UK
Breaking News
News Website - World News | Top Stories

Amazon pays £1.7m corporation tax in the UK

A worker at Amazon's fulfillment centre in Peterborough

Amazon pays £1.7m corporation tax in the UK
0 390

Amazon incurred just £4.6m in UK corporation tax last year, down from £7.4m in 2016, its accounts reveal-amazon pays

And the figures for Amazon UK Services Limited show the online retail giant paid just £1.7m in tax after deferring £2.9m.

Its UK operations made an operating profit of almost £80m, up from £48m in 2016.

An Amazon UK spokesman said it paid all the tax it was required to “in the UK and every country where we operate”.

“Corporation tax is based on profits, not revenues, and our profits have remained low given retail is a highly competitive, low-margin business and our continued heavy investment,” he told the Guardian.

Amazon UK Services is the division which runs the fulfilment centres which process, package and post deliveries to UK customers.

It employs more than two-thirds of the 27,000-strong UK workforce.

Turnover for Amazon in the UK jumped from £1.43bn to nearly £2bn as the Seattle-based giant attracted more customers to its online shopping and entertainment offerings.

Related Posts

Share-based payments for staff rose from just under £37m in 2016 to almost £55m last year – which contributed to the lower tax bill.

The figures come just days after Amazon internationally reported record quarterly profits of $2.53bn (£1.9bn) for the three months to 30 June.

The profit was about 12 times more than Jeff Bezos’s company made during the same period last year and reflected rising sales and demand for its cloud services.

Amazon reports its revenues from UK sales through a separate company based in Luxembourg.

The £1.98bn figure is a charge reported by Amazon Services UK to the parent company for the cost of making deliveries to customers.

According to its US filings, UK revenue rose almost a fifth to $11.3bn last year.

Source THANKS

Get real time updates directly on you device, subscribe now.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
http://www.usalistingdirectory.com/index.php?list=latest