Facebook's paltry tax bill of £7.4m 'outrageous'
Facebook's UK tax bill has been branded "outrageous" after accounts revealed it had to pay just £7.4m.
The technology giant's bill rose to £15.8m, but it will get an immediate cut by claiming tax credit.
The company had record revenues last year of more than £1.2bn. The latest UK tax bill is triple the £5.1m paid in 2016.
The net charge for 2017 comes to £7.4m, following tax relief of £8.45m for granting employees shares in the firm.
Labour MP Margaret Hodge said it was "absolutely outrageous that Facebook's UK tax bill is 0.62% of their revenue".
She added: "On an income of £1.2bn, they really should be paying much more than £7.4m."
Conservative MP Damian Collins, chairman of the Digital, Culture, Media and Sport Select Committee, said the firm should pay more tax to reflect "the value of their business in the UK".
He tweeted: "We should have a levy on the big tech companies to help fund online media literacy education and to support our data watchdog."
Shadow chancellor John McDonnell said: "The Tories are letting large multinationals get away without paying their fair share of tax. Philip Hammond is letting Facebook off the hook."
According its accounts, while Facebook increased its revenue by a third year-on-year, its profits only climbed by £4m to £62m.