Twitter reported retained profits of just £92,408 ($137,700/€107,300) in the United Kingdom.Despite the size of the company, Twitter’s accounts in the UK seem to be very thin. As many other tech companies that are making their way abroad, Twitter has chosen to reroute their fast-growing sales from British advertisers through corporate structures in Ireland.
This helps the company work with another set of laws and other fiscal values, thus avoiding paying higher taxes in the United Kingdom.
Twitter refused to confirm that UK sales were routed through Ireland, The Guardian reports, and since the company is not listed on the stock market, they have no reason to give further explanation regarding their finances.
“Since Twitter UK opened in 2011 we have been steadily building our team, focusing on promoting great uses of Twitter by all elements of UK society – the arts, sport, government and brand partners,” a spokesperson for the company said.