Netflix paid little over £400,000 in corporation tax
Summary
Netflix paid less that $400,000 in corporation tax last year, as they announced they had received over 36.5 million revenue from the UK. The business is said to have at least 6 million UK subscribers, which made them a pre-tax profit of £1.8 million. The companies HQ is located in the Netherlands. It's functional currency is euros, so whenever they receive their revenue, it comes through as euros rather than the pound. An investigation done by 'The Sunday Times' showed that Netflix had generated over £200 million in revenue from the UK alone. A Netflix spoke man said that Netflix was helping the economy in ever possible way, through VAT and contribution tax etc.
Statistics
- Netlifx gave £400,000 as contribution tax to the UK
- They received a pre-tax profit of 1.8 million
- They have over 6 million UK subscribers
- They received over £200 million from the UK alone
- Total of £2.5 million was spent on wages
Own view
in my opinion, It seems that the online business such as the ones listed, are the future of tax dodging as they can do it much easier and better compared to a physical store. I think that it is much easier for internet based businesses to doge tax than compared to a physical store. Meaning, the majority of these 'tax dodgers' all seem to be coming from one media outlet; The online media platform. Finally, the article I stated had a very important addition to it. It was the 'Sunday Times' that broke the news of the new profits that Netflix had made, with over £200 million in profit. It is stories like these which help the community, as the public will be blinded by these big corporations. It is the news outlets that are saving society and shedding light on those who are not playing their part. Which strengthens the point that news should not be free.
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