5.12.2020 | Netflix declare more than $1.3 billion in UK revenue
Netflix said it would declare more than $1.3 billion (£1 billion) in UK revenue, on November 28 and this also puts a tax pressure on other tech companies like Amazon.
"As Netflix continues to grow in the UK and in other international markets we want our corporate structure to reflect this footprint. So from next year, revenue generated in the UK will be recognized in the UK, and we will pay corporate income tax accordingly," a company representative told The Guardian.
The move comes as Netflix increases its spending on shows filming in the UK, including "The Crown" and "The Witcher." The company is planning to double production spending on its more than 50 UK-based productions to $1 billion, according to Variety.