Just let me check something here with you knowledgeable people.
The Times carries a story today (from one of their star reporters in fact, who has won a prize for his work on tax avoidance). He says:
Accounts filed in the US last week revealed that it accepted a $2.46 billion liability in respect of “uncertain tax positions” arising from investigations in countries including the US and Ireland. The liability is more than double the $1.19 billion set aside in 2014.
Last night politicians demanded that HMRC recoup a fair proportion of Facebook’s $2.4 billion fund. The company has for years been accused of legally avoiding tax in Britain by registering sales of digital advertising through Ireland as well as minimising taxable British profits by issuing share options to UK-based staff.
“It would be very worrying if yet another multinational technology company got an easy ride from the British taxman,” John McDonnell, the shadow chancellor, said. “Now we know that Facebook has set aside this money George Osborne must make sure Britain gets its fair share.”
Hmm. So, the 10k is here.
The $2.4 billion fund is actually this:
The components of other liabilities are as follows (in millions):
December 31, 2015 2014
Income tax payable
This is what he’s talking about. This is the super sekkrit fund: the standard provision for income tax liabilities.
Now, I’m tending toward the idea that this is outright fuckwittery but anyone care to tell me differently?