Wednesday, January 20, 2021

Facebook ends some of its Irish tax havens

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The social media giant, like other tech companies, has come under fire for using arrangements in Ireland to avoid paying taxes in other countries. the IRS sued Facebook in 2016 to learn more about its practices, and followed a court battle arguing that it owed more than $ 9 billion and had masked its true value. Likewise, the G20 countries have lobby for an overhaul of tax legislation intended for large technology companies. Facebook acknowledges that it will pay more taxes regardless of its past efforts at creative accounting.

This will not necessarily lead to great deals for the US, UK and other countries. However, it might be more in line with what you expect. In the UK, for example, Facebook paid just £ 100,000 more in taxes in 2019, despite profits exceeding 25%. These payments are likely to increase significantly in the near future.

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