The Irish companies were used to hold its intellectual
property (IP) for international sales, and Facebook companies around the world
would pay the units for the use of the IP, shifting much of the sales outside
the US, the newspaper said.
Facebook's main Irish holding company paid US$101 million in
taxes on profit of more than US$15 billion in 2018 - the last year records were
available, the paper said.
The move to wind down the units started after the US
Internal Revenue Service took Facebook to court, saying the social media
company was shifting funds through Ireland to avoid US taxes, the Times said.
Facebook also moved billions of euros in profits back to the
US from Ireland, the paper reported.
"Intellectual property licences related to our
international operations have been repatriated back to the US," Facebook
said in a statement to the Times.
"This change, which has been effective since July this
year, best aligns corporate structure with where we expect to have most of our
activities and people," the company added. "We believe it is
consistent with recent and upcoming tax law changes that policymakers are
advocating for around the world." BLOOMBERG
0 comments:
Post a Comment