New study deems Amazon worst for ‘aggressive’ tax avoidance
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Transparency campaign Fair Tax Mark says big six tech firms have paid a fraction of tax rate for 10 years.
By Rupert Neate, Wealth correspondent
The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade.
Amazon, Facebook, Google, Netflix, Apple and Microsoft have been named in a report by tax transparency campaign group Fair Tax Mark as avoiding tax by shifting revenue and profits through tax havens or low-tax countries, and for also delaying the payment of taxes they do incur.
The report singles out Amazon, which is run by the world’s richest person, Jeff Bezos, as the worst offender. It said the group paid just $3.4bn (£2.6bn) in tax on its income so far this decade despite achieving revenues of $960.5bn and profits of $26.8bn. Fair Tax Mark said this means Amazon’s effective tax rate was 12.7% over the decade when the headline tax rate in the US has been 35% for most of that period.
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