Amazon pays just $2.2M in tax in UK despite surge in profits

By Associated Press

Amazon is facing criticism after its British tax bill fell despite a big jump in sales and profits.

Records show Amazon U.K. Services Ltd. faced a 2017 tax bill of 4.6 million pounds ($6 million) but paid 1.7 million pounds ($2.2 million), deferring the rest.

Its pre-tax profits for the period were 72.4 million pounds, almost triple the previous year’s 24.3 million pounds. Revenue was 1.99 billion pounds, up from 1.46 billion pounds.

The tax-payment decrease was partly due to shares payments to staff, which were counted as a cost and deducted from profits.

Amazon said Friday that it pays “all taxes required in the U.K. and every country where we operate.”

Brick-and-mortar British retailers say they struggle to compete with online giants that use loopholes to lower their bill.

This article provided by NewsEdge.