US tech giants accused of underpaying taxes by $ 100 billion - ForumDaily
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US tech giants blamed for underpaid taxes by $ 100 billion

The study claims that between 2011 and 2020, firms paid $ 96 billion less in taxes than the estimated numbers cited in their annual reports. The Guardian.

Photo: Shutterstock

The giant US tech companies known as the Silicon Six are accused of increasing reported tax payments by nearly $ 100 billion over the past decade.

As UK Treasury Chief Secretary Rishi Sunak urged world leaders to support a new technology tax ahead of next week's G7 summit, a Fair Tax Foundation campaign group report highlighted Amazon, Facebook, the owner of Google, Alphabet, Netflix, Apple and Microsoft.

It says they paid $ 2011 billion less in taxes between 2020 and 96 than the numbers they cite in their annual financial statements.

According to the Fair Tax Foundation, the six named firms transferred $ 149 billion less to global tax authorities than would have been expected if they had paid base rates where they worked.

On the subject: Wealthy Americans underpay $ 175 billion in taxes every year

Altogether, they have paid $ 219 billion in income taxes over the past decade, representing 3,6% of their total income of over $ 6 trillion. Income tax is paid on profits, but the researchers said the Silicon Six companies are deliberately shifting profits to low-tax jurisdictions in order to pay less taxes.

Based on company regulations, the report says Amazon, an online retail and cloud service store run by the world's richest man Jeff Bezos, grossed $ 1,6 trillion in revenue, reported $ 60,5 billion in profits, and paid $ 5,9 $ 10,7 billion in income taxes this decade. Amazon is expected to pay $ 9,8 billion in taxes on these profits, based on international tax rates, the report said. The tax, paid as a percentage of profits, was only 2011% for the period 2020-XNUMX, which is the lowest of the so-called Silicon Six.

An Amazon spokesman disputed these calculations as "highly misleading."

“Amazon is primarily a retailer with low profit margins, so comparisons with technology companies with operating profit margins close to 50% are not rational,” the company said. “Governments write tax laws, and Amazon does what they encourage companies to do—pay all the taxes they owe, and invest many billions in creating jobs and infrastructure.” Coupled with low profitability, this investment will naturally result in a lower cash tax rate.”

Paul Monaghan, executive director of the Tax Equity Fund, said the group's analysis provided "compelling evidence that substantial tax evasion continues to exist in many large multinationals, and nothing short of fundamental reform of international tax rules will remedy the situation."

Monaghan said the US government's proposals to reform the global tax system by introducing a minimum corporate tax rate of 15% could help large companies stop "shifting profits to tax havens."

According to British Treasury sources, the plan may be given the green light ahead of the G7 summit in Cornwall next month. Sunak said he wants President Joe Biden's administration to simultaneously sign a technology tax agreement.

“The right companies are not paying the right tax in the right places,” he said. “It’s unfair, and I want to fix it.”

Monaghan said Biden's tax plans "lit the fire" amid an international debate over taxes.

“Under the Biden-Harris proposals, many of the incentives underlying shifting profits to tax havens would be removed, and the largest multinational corporations would be taxed not only on where their subsidiaries are incorporated, but also on where they receive their real income. economic value,” he said.

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Monaghan said global tax treaties would have a "seismic impact" on companies like Amazon, Apple, Facebook, Google and Microsoft, as billions of additional taxes would be paid around the world.

Facebook, run by Mark Zuckerberg, whose personal fortune is $123 billion, has paid just $16,8 billion in income taxes this decade despite posting $133 billion in profits and $328 billion in revenue, according to the report. dollars. The tax paid as a percentage of profits was just 12,7%, the second highest of the so-called Silicon Six after Amazon.

A Facebook spokesman said: “All companies pay tax on their profits, not their income. Last year, we paid $ 4,23 billion in corporate tax worldwide, and our average effective tax rate over the past 10 years was 20,71%, roughly the OECD average. ”

Alphabet, Apple, Netflix and Microsoft either declined to comment or did not respond to requests for feedback.

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