Six of Silicon Valley’s biggest companies had a combined “tax gap” of more than $100 billion this decade, according to a new analysis.
Fair Tax Mark, a British organization that certifies businesses for good tax conduct, assessed global tax payments from Facebook, Apple, Amazon, Netflix, Google and Microsoft between 2010 and 2019. The companies are sometimes collectively referred to as the “Silicon Six.”
The research, published Monday, analyzed their 10-K filings, which are financial forms submitted by businesses to the U.S. government.
Analysis we have released today finds a significant difference between the cash taxes paid by the Silicon Six and both the expected headline rate of tax ($155.3bn) and, more significantly, the reported current tax provisions ($100.2bn). https://t.co/2bEp1vuwmHpic.twitter.com/DrhKjStxl4— Fair Tax Mark (@FairTaxMark) December 2, 2019
- Silicon Six insist press focus on tax *provision* reported in P&L accounts.— Fair Tax Mark (@FairTaxMark) December 2, 2019
- We say: hang on, let's focus on *cash* tax paid in cashflow statements.
- This isn't a semantic. The difference is $100 billion less over decade to date!!! https://t.co/S7r7McWgVe