Fury as Amazon pays just £220m in tax in Britain — despite raking in £11bn
AMAZON paid just £220million in tax in Britain last year — despite raking in revenues of nearly £11billion.
And a big slice of its payment was National Insurance contributions paid by the tech giant.
The tax bill, revealed for the first time, prompted outrage from campaigners who say HMRC must close loopholes to make sure companies such as Amazon pay a fair share. John O’Connell, boss of the TaxPayers’ Alliance, said: “Amazon can afford armies of accountants and lawyers to find loopholes so it pays a minimal amount of tax.
“A simpler system is needed that encourages growth, investment and innovation.”
Amazon, founded by Jeff Bezos, has been criticised in the past for not revealing details of tax payments in Britain.
Until 2015, it routed all sales through its European headquarters in Luxembourg.
LOOPHOLE FURY
An internal audit analysing its ten UK-based subsidiaries showed Amazon paid £14million in corporation tax for its main warehousing division.
That was on pre-tax profits of £75.4million and a turnover of £2.3billion.
most read in money
Across all UK divisions, revenues hit nearly £11billion. But the company’s total profits — the basis for the £220million bill — were not revealed.
Amazon spent £625million updating warehouses and opening offices last year.
Bosses say it invested £18billion in the UK between 2010 and 2018.
- GOT a news story? RING us on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL [email protected]