The Netflix's Good January
The new age: Netflix paid just £3.2 million out of £940 million ($1.3 billion) it made from the UK. I am not sure it paid anything to the Nigerian government for the revenue from the country. But from the UK numbers, it is evident these US digital companies are enjoying the world as no one has figured out how to tax them. Generally, it has been all positive for the company after many felt that the launch of Disney+ would annihilate it. The stock jumped 17% after it beat estimates by adding more users.
Netflix reaped an estimated £940 million ($1.3 billion) from British subscribers in 2019, but the streaming giant paid just £3.2 million in U.K. corporation taxes that year. It is the latest example of how national tax regimes are failing to capture the massive revenues made by U.S. technology giants in their borders.