Before continuing, it is worth pointing out accusation remains an important word here. Certainly, I expect the Silicon Six companies to hit back at this and the situation could rumble on. As we move closer to next week’s G7 summit in the United Kingdom, a report by the Fair Tax Foundation is pointing fingers at the companies. British Chancellor Rishi Sunak will appeal to world leaders at the summit to push through a new tax on tech companies following the report.
Under Paying
According to the Fair Tax Foundation, the companies have paid $96bn less than they should have in tax between 2011 and 2020. The report says there are clear discrepancies in the paid taxes and taxation figures in financial reports. Globally the Silicon Six have paid $149bn less than they should have if basing payments on headline rates. In total, the companies paid $219bn during those years, which amounts to just 2.6% of their collective revenue during that time ($6 trillion). The report suggests the major tech companies move their revenue to low-tax regions to avoid making payments. Paul Monaghan, chief executive of the Fair Tax Foundation, says the report has “solid evidence that substantive tax avoidance is still embedded within many large multinationals and nothing less than a root-and-branch reform of international tax rules will remedy the situation”. Tip of the day: Do you know that Windows 10 allows creating PDFs from basically any app with printing support? In our tutorial, we show you how this works via Microsoft Print to PDF and Bullzip PDF Printer to save a PDF from any app, even with advanced options like adjusted quality, multi-page printing, and password protection.
