Technology giant Apple saw its UK tax bill fall to just £8 million last year despite its revenues witnessing further growth, according to The Times.
Apple Retail‘s UK revenues saw a two per cent rise to just over £1 billion for its 39 UK stores last year, yet its tax bill dropped from 20.5 per cent in 2015 at £9.43 million, to 20.5 per cent last year at £8.12 million.
Labour MPs have hurled abuse at the world‘s biggest company accusing it of producing “artificial finance structures” to reduce tax bills. There is however no suggestion that any laws have been broken.
“Once again we are seeing a large corporate making a lot of money in the UK and what seems to be essentially a small and shrinking amount of tax,” Labour MP Meg Hiller said.
“That underlines why we need to reform the international tax market.”
Labour MP and former PAC chairwoman Margaret Hodge added: “I am really pissed off with the government.
“We have been exposing now for a number of years what these multinationals do. It‘s completely artificial financial structures with no other purpose than to avoid tax.
“Apple needs the services that tax revenues provide. They are screaming for better internet and higher speed broadband but they won‘t pay for it.”
Despite its revenue boost, Apple saw its operating profits drop by a third to £19.2 million, attributing the decline to taking on 300 more staff with increased salaries.
The company is celebrating the 10 year anniversary of its iconic iPhone this week.