Zuckerberg 'happy' for Facebook to pay more taxes in Europe

Facebook founder and CEO Mark Zuckerberg said on Friday that he accepts that tech giants should pay more tax in Europe.

He said he understands people's "frustration" over the issue and added that he would be “happy to pay more tax”.

Mark Zuckerberg also said he backed plans by think tank the Organisation for Economic Co-operation and Development to find a global solution.

The comments come after a drawn out fight between the EU and tech giants for them to pay their fair share of tax in countries where they operate.

In the UK, Facebook paid just £28.5m in corporation tax in 2018 despite generating a record £1.65bn in British sales.

Zuckerberg said: "We also want tax reform and I'm glad the OECD is looking at this. We want the OECD process to succeed so that we have a stable and reliable system going forward.

"And we accept that may mean we have to pay more tax and pay it in different places under a new framework.”

The UK has plans to introduce its own digital services tax in April despite risking complaints from the US that could potentially generate up to £500m per year from firms such as Facebook.