Malcolm Graham
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Malcolm Graham in European Markets,

Facebook set to pay millions more in U.K. tax

Facebook Inc. FB, +0.19% is likely to see its U.K. tax bill rise by millions of pounds after an overhaul by the social media company of its tax structure, the BBC reported. Citing unnamed sources, the BBC said Facebook will stop funneling sales for its big U.K. advertisers via its international headquarters in Ireland. Instead, that revenue will be booked in the U.K., meaning Facebook will be liable for a higher level of corporation tax on related profits, the report said. Facebook is one of several Silicon Valley companies under fire for using a tax structure that allows them to book revenue in low-taxation countries, rather than where the ad is shown.