Jan 10, 2017
Snapchat sets up international headquarters in London
Snap, the company behind messaging app Snapchat, says it has established its non-US headquarters in London.
It will pay taxes on UK and some international sales through the hub.
The
move is unusual for a US technology company, many of which set up
international headquarters in Ireland or other European countries due to
tax breaks. However, the European Commission has been cracking down on some of the tech companies' tax deals. In addition, the OECD has has been pushing for G20 measures on corporate tax avoidance.
Claire
Valoti, general manager of Snap Group in the UK, said: "We believe in
the UK creative industries. The UK is where our advertising clients are,
where more than 10 million daily Snapchatters are, and where we've
already begun to hire talent."
The messaging app parent company
already had a UK office in London, but as of Tuesday, the office will
operate as its international headquarters. Revenue from sales made
to UK customers will be booked in the UK. Sales staff in the UK will
also handle clients in countries outside the US which do not have a Snap
sales force, and those revenues will also be recorded in the UK.
BBC News