Facebook is closing three holdings in Ireland that enjoy a subsidized tax regime that allows them to avoid paying heavy taxes in the United States and many other countries. To confirm this, it was the same Colossus of Menlo Park through a note official note. As reported Time, This decision reflects the “recent and imminent changes in tax legislation” being implemented by governments in various states.
Intervention of the Internal Revenue Service
U.S. Antitrust Facebook targeted for breach of competition
In 2018, the last year the data was available, Facebook’s major Irish subsidiary reportedly paid $ 101 million in taxes on its $ 15 billion profit. This was reported by the major British newspapers, the Times and The Guardian. Facebook International Holdings Eye Unlimited Company reported revenue of $ 30 billion in 2018, more than half of the total global revenue of the Menlo Park giant, or $ 56 billion. The company decided to close the Irish divisions and bring property rights to the United States after filing a lawsuit against the Internal Revenue Service, the US government agency responsible for tax collection. The second is that after the transfer of profits to Ireland in 2010, Facebook was ordered to pay more than $ 9 billion in unpaid taxes.
“Property property licenses related to our international operations have been returned to the United States,” Facebook said. “This change, which has been in effect since July this year, fits the business structure better where we expect most of our businesses and people to be. We believe this is in line with recent and forthcoming changes in tax legislation that policymakers around the world are advocating. ” Facebook has been under US Antitrust cross shares for the past month, accusing it of adopting anti-competitive practices.
Travel fan. Freelance analyst. Proud problem solver. Infuriatingly humble zombie junkie.