Facebook pulls out of tax base in Ireland

Facebook pulls out of tax base in Ireland
Mark Zuckerberg’s company closed holdings on Irish soil, previously applying tax optimization method. However, an EU regulation published five years ago forced it to do so. Companies have until the end of 2020 to comply.

It’s over, and the tax base that Facebook set up in Ireland no longer exists. The American company, which had benefited for years from favorable Irish tax breaks, wiped out all holdings in the country. Thanks to this tax optimization, for example, Facebook will pay only 0.7% tax on its $ 15 billion profit in 2018,Digital Factory.

Mark Zuckerberg’s company used “Irish twin” technology. Irish tax law makes no mention of transfers from the United States. Thus the affiliates of the social network on Irish soil acquired the intellectual property rights of the multinational operations.

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The company was controlled by the European Union

But Facebook did not do it intentionally. This one ‘The European Union put pressure on Ireland five years ago to end these practices. Businesses have to comply until the end of 2020, so Facebook waited until the last minute. It may be time to find a new tax deduction …

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