OnlyFans. Tax follows profit.
OnlyFans paid $149 million in UK corporation tax in a year, and its CEO says that is more than the whole fishing industry pays.
THE GIST ON ONLYFANS: "The Tax Shock"
What did OnlyFans pay?
Its UK company paid $149 million in corporation tax in its most recent reported year, and its CEO has claimed that is more tax than the entire fishing industry pays. It sounds mad until you remember that tax follows profit.
Why does fishing pay less?
Fishing generates a lot of revenue on very thin margins. It is labour intensive, expensive and exposed to an ever-increasing variety of costs. The money gets eaten before it ever becomes profit. OnlyFans takes a cut at scale, so more of what it earns becomes taxable.
What does it say about the economy?
Modern business power sits in control of the transaction. OnlyFans sits in the middle of payments on a global scale. We still treat real industries as the backbone, but tax revenues follow profit, and sometimes the culturally uncomfortable business outshines the ones we value most.
Should we value an industry by its jobs or its tax?
Your take. One tap, then see how everyone else voted.
Quick answers
How much tax did OnlyFans pay?
$149 million in UK corporation tax in its most recent reported year.
Why does fishing pay less?
Thin margins: costs eat the money before it becomes profit.
Where does business power sit?
In controlling the transaction.
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