eBay pays £1m corporation tax to the UK despite reporting a $1bn revenue for 2016

[Donut417]

Glad to see that the US isnt the only ones screwed by large corporations not paying taxes. 

[System Error Message]

if the revenue is net revenue of $1bn from the UK (not their global revenue), then they have to pay $200mil in corporate taxes.

They can however pay less by writing off some expenses in it but i wonder what is it that they wrote off to pay very little in taxes.

[79wjd]

6 minutes ago, Donut417 said:

Glad to see that the US isnt the only ones screwed by large corporations not paying taxes. 

What would you say if I said it was the government that went out of their way to alleviate the tax burden placed on large corporations? It is highly beneficial to a country/city/region to have a large corporation's headquarters.

 

https://www.theverge.com/2017/10/11/16461706/amazon-second-headquarters-kansas-city-five-stars-reviews

https://www.theverge.com/2017/9/7/16266004/amazon-second-headquarters-north-america-seattle-2hq

[GOTSpectrum]

6 hours ago, djdwosk97 said:

That's not inherently a bad thing.....You want to encourage companies to exist in your country as that will lead to jobs for the people. 

And jobs = taxes 

[System Error Message]

5 minutes ago, djdwosk97 said:

What would you say if I said it was the government that went out of their way to alleviate the tax burden placed on large corporations? It is highly beneficial to a country/city/region to have a large corporation's headquarters.

 

https://www.theverge.com/2017/10/11/16461706/amazon-second-headquarters-kansas-city-five-stars-reviews

https://www.theverge.com/2017/9/7/16266004/amazon-second-headquarters-north-america-seattle-2hq

sometimes a corporation can be big enough that they can threaten to leave the country if they have to pay normal tax as it could mean many lost jobs, lost of marketplace, etc. Some companies are considered the pride of a country too.

[mr moose]

6 minutes ago, System Error Message said:

sometimes a corporation can be big enough that they can threaten to leave the country if they have to pay normal tax as it could mean many lost jobs, lost of marketplace, etc. Some companies are considered the pride of a country too.

Money talks BS walks, no company is that large that they can have a negative financial impact and stay in it.  

[Donut417]

23 minutes ago, djdwosk97 said:

What would you say if I said it was the government that went out of their way to alleviate the tax burden placed on large corporations? It is highly beneficial to a country/city/region to have a large corporation's headquarters.

 

https://www.theverge.com/2017/10/11/16461706/amazon-second-headquarters-kansas-city-five-stars-reviews

https://www.theverge.com/2017/9/7/16266004/amazon-second-headquarters-north-america-seattle-2hq

Yeah, because the savings will trickle down to us poor people. Oh wait, the people at the top are greedy bastards. 

[79wjd]

1 minute ago, Donut417 said:

Yeah, because the savings will trickle down to us poor people. Oh wait, the people at the top are greedy bastards. 

Remind me again how you're running a $1000+ luxury computer while people are literally starving to death. Oh wait, greedy shit. 

[Donut417]

Just now, djdwosk97 said:

Remind me again how you're running a $1000+ luxury computer while people are starving. Oh wait, greedy shit. 

My machine is like 5 years old dude. Doesnt cost $1000 any more. Also, Im good with my money. I managed to build that on a fast food salary. So I say I did well. Im just not seeing how giving a company who makes billions of fucking dollars a large tax cut helps. If I have to pay my fair share, them bastards have to pay their fair share. Same goes with millionaires and billionaire. You dont like it, too damn bad. 

 

Because at the end of the day. People are loosing their shit due to not being able to afford to live. Kids are getting a shit education, because schools are closing because they dont have the tax dollars. Because kids have a hard time learning in a class of 50 students. Thats about to be how the elementary schools in my community is going to be if the millage doesn't pass. Which is a high possibly it dont, because many of teh poor folks around here cant afford an increase. If only we made these entities pay their fair share. Look how much more tax dollars we would have. Well, why do we need to educate these kids any way. They can just live on Welfare the rest of their lives. 

 

My biggest pet peeve is companies like Walmart who dont pay shit in taxes, pay shit in wages and have most of their workers on government assistance. So I say NO to corporate welfare. 

[79wjd]

7 minutes ago, Donut417 said:

My machine is like 5 years old dude. Doesnt cost $1000 any more. Also, Im good with my money. I managed to build that on a fast food salary. So I say I did well.

It doesn't matter when you built it, you could still have given that money to people who are starving on the street. But, nooooo, your video games are more important. 

Quote

Im just not seeing how giving a company who makes billions of fucking dollars a large tax cut helps. If I have to pay my fair share, them bastards have to pay their fair share. Same goes with millionaires and billionaire. You dont like it, too damn bad. 

Because it incentivizes them to put their headquarters in your ___city/country/region___, which leads to jobs, which helps a lot more than taxes ever will. 

Quote

Because at the end of the day. People are loosing their shit due to not being able to afford to live. Kids are getting a shit education, because schools are closing because they dont have the tax dollars. Because kids have a hard time learning in a class of 50 students. Thats about to be how the elementary schools in my community is going to be if the millage doesn't pass. Which is a high possibly it dont, because many of teh poor folks around here cant afford an increase. If only we made these entities pay their fair share. Look how much more tax dollars we would have. Well, why do we need to educate these kids any way. They can just live on Welfare the rest of their lives. 

 

My biggest pet peeve is companies like Walmart who dont pay shit in taxes, pay shit in wages and have most of their workers on government assistance. So I say NO to corporate welfare. 

If taxes actually accomplished something, maybe.....but governments have this excellent ability to burn through tax dollars while accomplishing nothing. Not to mention that those tax dollars would end up being paid at the expense of jobs. Or their headquarters would be moved to China where slave wages are legal and then there is no tax revenue or jobs in the UK. That sounds better. 

[mr moose]

1 minute ago, Donut417 said:

My machine is like 5 years old dude. Doesnt cost $1000 any more. Also, Im good with my money. I managed to build that on a fast food salary. So I say I did well. Im just not seeing how giving a company who makes billions of fucking dollars a large tax cut helps. If I have to pay my fair share, them bastards have to pay their fair share. Same goes with millionaires and billionaire. You dont like it, too damn bad. 

 

Because at the end of the day. People are loosing their shit due to not being able to afford to live. Kids are getting a shit education, because schools are closing because they dont have the tax dollars. Because kids have a hard time learning in a class of 50 students. Thats about to be how the elementary schools in my community is going to be if the millage doesn't pass. Which is a high possibly it dont, because many of teh poor folks around here cant afford an increase. If only we made these entities pay their fair share. Look how much more tax dollars we would have. Well, why do we need to educate these kids any way. They can just live on Welfare the rest of their lives. 

 

My biggest pet peeve is companies like Walmart who dont pay shit in taxes, pay shit in wages and have most of their workers on government assistance. So I say NO to corporate welfare. 

 

It's well documented that lower taxes cause an uptick the the economy.   Hence the old saying, no country has ever taxed itself out of debt.

 

The economy of any country is circular (this is why inflation occurs),  A business saves money on tax, they spend that money making more money, they need to employ someone to manage that money, that person then has income to spend and buys stuff, those sales make more money for more businesses who intern have to produce more stock which requires they employ more people.  More people employed equals more taxes paid and more stock being produced which is also being bought buy the more people who are now employed.   More money being made by the corporations means more overall taxes (even at lower rates) are being paid.

 

And while the walmart wages thing probably needs to be looked at,  history has shown us that standards of living are only improving.  The gap between the rich and poor might be expanding, but that is because the rich are excessively rich as even the poor (excluding homeless/jobless) these days generally have mobile phones and 3 square meals. 

[System Error Message]

3 hours ago, mr moose said:

Money talks BS walks, no company is that large that they can have a negative financial impact and stay in it.  

The problem is that many people use ebay rather than having a proper store (both physical and online) and dont pay taxes on it (VAT, undeclared income, etc). However since even the people who work in the govt also likes to use ebay so ebay can get away with some things.

 

I however hate ebay and find amazon better. For one amazon are more proactive against fake items and fraud.

[2FA]

5 hours ago, Ryan_Vickers said:

omg I didn't even see that... if they're making £7.7M pre-tax on £1B in revenue that's beyond insane... that can't possibly be right.

It's that the revenue generated by their UK base is £1B in actuality. What they report to the UK government is £200M revenue with £7.7M profit. However they structured the divisioning somehow allowed them to not count 80% of their revenue (and likely most of the profit).

[Mira Yurizaki]

2 hours ago, mr moose said:

The gap between the rich and poor might be expanding, but that is because the rich are excessively rich as even the poor (excluding homeless/jobless) these days generally have mobile phones and 3 square meals. 

It was something like 15+ years ago (yes I'm old), but I recall back in school one of my teachers reading off an article about conditions "poor" Americans have, which included things like:

• Having a decent roof over their heads
• A fridge stocked with food
• A TV for nearly every person in the house. Or at least more than one
• Two or more cars
• A computer (maybe more)

... I'm also surprised nobody's jabbed at my post up there. If you make under a certain amount in the US, your deductions are enough to effectively make you pay $0 income tax assuming you filed. So part of me finds it hypocritical to complain about companies paying as little tax as they can if the complainer doesn't effectively pay anything to the tax bureau anyway.

[2FA]

4 minutes ago, M.Yurizaki said:

It was something like 15+ years ago (yes I'm old), but I recall back in school one of my teachers reading off an article about conditions "poor" Americans have, which included things like:

• Having a decent roof over their heads
• A fridge stocked with food
• A TV for nearly every person in the house. Or at least more than one
• Two or more cars
• A computer (maybe more)

... I'm also surprised nobody's jabbed at my post up there. If you make under a certain amount in the US, your deductions are enough to effectively make you pay $0 income tax assuming you filed. So part of me finds it hypocritical to complain about companies paying as little tax as they can if the complainer doesn't effectively pay anything to the tax bureau anyway.

While a lot of that is true, there are also a lot that don't even have that. It's just not widely publicized. 

 

Also those not paying any tax due to not making enough are not even making minimum wage full time. It's really low, something like below $5000 annually that doesn't have to pay income tax. That's ignoring the various tax credits one can earn as that is entirely different.

[vanished]

4 hours ago, M.Yurizaki said:

To be fair, if you make under something like $35,000 in the US, you don't pay income tax either because the IRS refunds it. However you did give the IRS an interest free loan.

idk if it works the same in the US as it does in Canada, but if it does, what you say is indeed the default but if you setup your tax info with your employer properly, you'll get a bill at the end of the year rather than a cheque, meaning you got to have an interest free loan from them instead of the other way around

Though knowing how badly most people manage money it's probably best if this isn't done often or people would probably be unable to pay when it comes time

[mr moose]

23 minutes ago, System Error Message said:

The problem is that many people use ebay rather than having a proper store (both physical and online) and dont pay taxes on it (VAT, undeclared income, etc). However since even the people who work in the govt also likes to use ebay so ebay can get away with some things.

 

I however hate ebay and find amazon better. For one amazon are more proactive against fake items and fraud.

That's all taken into account too, also retailer groups with a real hatred for ebays gst/VAT free selling is not under the radar of the tax man. At least not here in Australia, the ATO and centrelink (our welfare arm) monitors social media and ebay and bank transactions for people not claiming their full income streams. 

 

6 minutes ago, DeadEyePsycho said:

While a lot of that is true, there are also a lot that don't even have that. It's just not widely publicized. 

 

Also those not paying any tax due to not making enough are not even making minimum wage full time. It's really low, something like below $5000 annually that doesn't have to pay income tax. That's ignoring the various tax credits one can earn as that is entirely different.

It is publicized, just not in mainstream media.   There are several organizations that research and publish welfare figures.

[Mira Yurizaki]

23 minutes ago, DeadEyePsycho said:

While a lot of that is true, there are also a lot that don't even have that. It's just not widely publicized. 

 

Also those not paying any tax due to not making enough are not even making minimum wage full time. It's really low, something like below $5000 annually that doesn't have to pay income tax. That's ignoring the various tax credits one can earn as that is entirely different.

The standard deduction for a single filer for 2017 is $6,300. I'm not sure how the federal income tax bracket thing works, but if you're making say $37,000, and if I did this right, you're income tax is about $5600. So right off the bat, before tax credits, you're getting all of your income tax back. This makes me believe the line where standard deduction gets you everything back right away is around $40,000.

 

Also the median income in the US is around $58,000. That means a lot of people have a net income tax of $0. Assuming they filed.

 

17 minutes ago, Ryan_Vickers said:

idk if it works the same in the US as it does in Canada, but if it does, what you say is indeed the default but if you setup your tax info with your employer properly, you'll get a bill at the end of the year rather than a cheque, meaning you got to have an interest free loan from them instead of the other way around

Though knowing how badly most people manage money it's probably best if this isn't done often or people would probably be unable to pay when it comes time

I just wish we had... I forget which country or countries it was, but their setup is the tax bureau does all the tax stuff for you. They send you a statement every year (and possibly a bill or a check) and you don't have to do anything unless something's wrong.

[2FA]

7 minutes ago, mr moose said:

It is publicized, just not in mainstream media.   There are several organizations that research and publish welfare figures.

Keyword widely my dude.

[Mira Yurizaki]

@DeadEyePsycho

 

Nevermind, I looked over one of my old tax forms and mistook what Standard Deduction was meant to do.

[mr moose]

Just now, DeadEyePsycho said:

Keyword widely my dude.

 

Do you know why?  Because despite best efforts be several politicians and charities, there is a line of poverty that just can't be broken.  It's like the hadrians wall of social security.   No matter how much you change policy, invest in charities and social welfare the cost of that burden n society will not change.

 

Basically there is no point in repeating loudly the same statistics and bringing it to the attention of the masses when little can actually be done about it. Especially for a politician.

 

 

[2FA]

58 minutes ago, mr moose said:

 

Do you know why?  Because despite best efforts be several politicians and charities, there is a line of poverty that just can't be broken.  It's like the hadrians wall of social security.   No matter how much you change policy, invest in charities and social welfare the cost of that burden n society will not change.

 

Basically there is no point in repeating loudly the same statistics and bringing it to the attention of the masses when little can actually be done about it. Especially for a politician.

 

 

I'm not on a tech forum to argue the finer details of the impoverished, sorry to burst your bubble.

[mr moose]

34 minutes ago, DeadEyePsycho said:

I'm not on a tech forum to argue the finer details of the impoverished, sorry to burst your bubble.

then why quote people and discuss it?  Just let it go or stick to the conversation parts that aren't associated with poverty.

[IntMD]

6 hours ago, M.Yurizaki said:

The standard deduction for a single filer for 2017 is $6,300. I'm not sure how the federal income tax bracket thing works, but if you're making say $37,000, and if I did this right, you're income tax is about $5600. So right off the bat, before tax credits, you're getting all of your income tax back. This makes me believe the line where standard deduction gets you everything back right away is around $40,000.

 

Also the median income in the US is around $58,000. That means a lot of people have a net income tax of $0. Assuming they filed.

 

I just wish we had... I forget which country or countries it was, but their setup is the tax bureau does all the tax stuff for you. They send you a statement every year (and possibly a bill or a check) and you don't have to do anything unless something's wrong.

If you're not self employed, some countries do PAYE so the % deducted from your salary per month equates to the proportion (1/12) of the year. In theory if all you earned was that and you didn't have anything to deduct from it, you just log on or fill in the form manually to sign and say it is all correct. In theory you/they would only have a balance one way or another if you got paid a bonus that nudged you in to the equivalent of the next tax band for that month if it existed. My tax return takes about 5 minutes to complete on PAYE (I just login and confirm their number match mine for my salary earned for the year), add in any dividends etc., mortgage payments (we get some tax back on the interest paid) and anything else we want to declare. If you do the online way, it tells you exactly how much you owe or they owe you immediately. If it gets reviewed (some do at random after this, so it can take a little longer), they will then either send you a cheque or will pay it directly in to your bank account if you give them the details you want crediting with a week or two with any interest owing on any balance to you included. If you owe them money you get about 6 months to pay (might actually be more than this) whatever is outstanding and you can do it in instalments.

[2FA]

9 hours ago, mr moose said:

then why quote people and discuss it?  Just let it go or stick to the conversation parts that aren't associated with poverty.

Mentioning something is a lot different than focusing on that single aspect for really no apparent reason other than to show how knowledgeable you are.