Tech giant Amazon paid 50% less tax in the UK this year compared to last year despite the company’s turnover rising by 54%.
Amazon and other large multinational companies exploit loopholes in out-of-date tax law to pay lower corporation tax.
They avoid paying their fair share, costing billions in tax revenue worldwide, including in developing countries.
This story is from the Issue 959, 24-30 August 2017 edition of The Socialist.
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This story is from the Issue 959, 24-30 August 2017 edition of The Socialist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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