Netflix is to start declaring its U.K. revenues — forecast to reach £1.3 billion ($1.7 billion) next year, according to analysts —to British tax authorities.
The decision, which comes following similar realignments in France and Spain announced last week, will see British revenue subscriptions recognised —and therefore taxed —in the U.K.
as of 2021 and will likely add further pressure on other tech giants like Google, Amazon and Facebook to stop directing revenues through overseas tax jurisdictions.
According to its latest financial filing, in 2018 Netflix made £700 million ($931 million) from its U.K. subscribers yet declared only 48 million Euros in revenues ($57 million), which it described as a services fee from its European.
Read more on hollywoodreporter.com
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