Business

Amazon tax bill halves as profits soar

Amazon saw a 50 per cent fall in the amount of UK corporation tax it paid last year while it saw a 54 per cent increase in turnover in the same period.
By Press Association Reporter

Internet giant Amazon saw a 50 per cent fall in the amount of UK corporation tax it paid last year while it saw a 54 per cent increase in turnover in the same period.

Accounts filed by Amazon UK Services show the company was billed £15.8 million in 2015 compared with £7.4 million in 2016.

In the same period, turnover at Amazon UK Services broke the £1 billion barrier for the first time, climbing from £946 million to £1.46 billion while profit before tax fell from £48.5 million to £24.2 million.

The company's tax bill has been described by one MP as "peanuts".

Conservative Charlie Elphicke told The Sun: "People will say it's high time Amazon paid their fair share."

The company has said it meets all tax obligations in the UK and every other country in which it operates.

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