EmbeddingGemma 2: an open, lightweight multimodal embedding model
deepmind.google·6d ago
AI Engineering
Hacker News·Aug 5·5 min read
The software group Palantir paid just £2M in corporation tax in the UK in 2024
TL;DR
Palantir Technologies paid only £2 million in UK corporation tax in 2024, despite significant public sector contracts, due to favorable tax breaks. The company's effective global tax rate stands at just 1.4%, raising concerns about its tax contributions relative to its profits.
✦ Why It Matters
Evaluate your own company's tax strategies to ensure compliance and ethical practices in light of Palantir's example.
Key Takeaways
- Review your company's transfer pricing practices for compliance.
- Consider the implications of tax strategies on public perception.
- Stay informed about changes in international tax regulations.
- Engage in discussions about corporate tax fairness in your industry.
Full Summary
Palantir, a US-based software company, reported £247 million in UK revenues for 2024 but paid only £2 million in corporation tax, leading to an effective tax rate of 8%. The company has secured substantial contracts with the NHS and the Ministry of Defence, yet its global effective tax rate is only 1.4%.
Researchers attribute this low tax contribution to practices like transfer pricing, where profits are shifted to the US to exploit lower tax rates. Despite generating significant profits, Palantir's tax payments in the UK were lower than in several other countries.
The company defends its tax strategies as standard practice for multinationals, while critics argue for reform to ensure fair tax contributions from tech giants.