Amazon has cut its company tax bill in the UK this year, instigating anger amongst business owners.
It was able to defer tax payments by paying staff in share-based payments – worth an average of £1,000 each per year.
This is despite a pre-tax profits jump of £72.3 million from £24.3 million.
‘Corporation tax is based on profits, not revenues, and our profits have remained low given retail is a highly competitive, low-margin business and our continued heavy investment,’ an Amazon spokesperson told The Guardian.
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