Big-Tech Tax Gap Hits $100bn As Silicon Six Plead Innocent
The so-called Silicon Valley Six, – Amazon, Facebook, Google, Microsoft, Apple and Netflix – have a combined “tax gap” (read shortfall) of more than US$100 billion this decade, according to a new analysis by British organisation Fair Tax Mark.
The UK group, which certifies businesses for good tax conduct, assessed global tax payments by America’s tech giants between 2010 and 2019.
The research analysed their 10-K filings, which are financial forms submitted by businesses to the US government. All pleaded innocent, saying they had fully complied with the laws and countries in which they operate.
But the Fair Tax Mark report reveals that, over the audited decade, the shortfall between the Silicon Six’s provisions and the taxes they actually paid was US$100.2 billion. That came as the tech companies shifted to tax havens, including Bermuda, Ireland, Luxembourg and the Netherlands.