FTF: ’Silicon Six’ tech firms such as Apple don’t pay enough UK corporate income tax
The big American tech firms known as the “Silicon Six” (Apple, Amazon, Meta, Alphabet, Netflix, and Microsoft) have been accused of paying almost US$278 billion less UK corporate income tax in the past decade compared with the statutory rate for US companies making the same profits, according to The Guardian.
The article says they generated $11 trillion of revenue and $2.5 trillion of profits over the past 10 years, yet paid an average 18.8% in combined national and federal corporation taxes, compared with an average 29.7% in the U.S,. according to the Fair Tax Foundation (FTF),
The FTF is a not-for-profit social enterprise. It’s mission is to make sure businesses practice “responsible tax conduct.”
“Our analysis would indicate that tax avoidance continues to be hardwired into corporate structures,” Paul Monaghan, the chief executive of the FTF, told The Guardian. “he Silicon Six’s corporate income tax contributions are, in percentage terms, way below what sectors such as banking and energy are paying in many parts of the world.”
He pointed to “aggressive tax practices” such as the contingency tax positions, while the companies also exerted “enormous political influence as well as economic power”, spending millions of dollars on lobbying governments.
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