Alphabet Inc. (NASDAQ:GOOG) accused of paying 24 times less corporation tax
Web giant Google has been accused of avoiding enough UK corporation tax last year to give our flatlining NHS 60,000 more nurses.
The £1.5billion estimate by campaign group the Tax Justice Network, in an analysis for the Mirror, is based on the firm booking all UK sales here rather than apparently diverting them abroad.
The potential shot in the arm for our public services would be almost 24 times the £67million Google says it actually paid in corporation tax in 2018.
The claims come after Google agreed a deal with HMRC in 2016 to hand over £130million in back taxes following an outcry at how little it had been paying.
At the time, the company said: “We will now pay tax based on revenue from UK-based advertisers, which reflects the size and scope of our UK businesses.”
Shadow Chancellor John McDonnell slammed the US firm, whose parent company Alphabet has a stock market value of around £645billion, as he vowed that Labour would make global giants “pay their way”.
Google, led by chief executive Sundar Pichai, is among a number of US multinationals accused of using creative accounting to lower tax liability.
The only accounts the firm publishes for its business here are those of its Google UK arm.
Documents out last week show it generated £1.4billion in revenue last year – up from £1.26billion – which was made up of fees for providing “marketing services” and research and development for other parts of Google.
This does not include the bulk of Google’s business – lucrative advertising sales – traditionally booked in Ireland.
If those were included, Google’s UK’s total turnover could be at least £9.7billion, according to the analysis by the Tax Justice Network.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 1,252.90.
The projected lower bound is: 1,166.73.
The projected closing price is: 1,209.82.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.5936. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 60.63. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 10 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 58. This is not a topping or bottoming area. The last signal was a buy 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed down -7.850 at 1,207.150. Volume was 44% below average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,191.54 1,147.68 1,132.23
Volatility: 17 24 32
Volume: 1,203,712 1,435,870 1,614,947
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 6.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 24 periods.