Since then Etsy’s sales surged by 68% in 2021 to $329m, hitting a level more than six times that booked in 2018. There is nothing illegal about such structures but they raise ethical questions about where profits and tax are paid.Įtsy, which listed on the US-based Nasdaq exchange in 2015, is liable for the UK’s digital services tax, which would have amounted to about £2.4m for 2020 according to TaxWatch, but that amount still falls far short of its calculation for corporation tax due if all UK sales had been registered here and not booked in Ireland. Amazon books much of its UK business via Luxembourg. The tactic is similar to that used by a string of US tech companies including Facebook, Google, Apple and Microsoft. Instead, the vast majority of UK sales – the total of which are revealed in Etsy’s US stock market filings – are booked via an Irish company, where they attract a lower tax rate.
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