Facebook to pay NO tax for 2012 and will even get tax refund of $429m despite $1BN profits...

Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits from U.S. operations, according to a report released on Thursday.

But Mark Zuckerberg's company will also get a multimillion dollar tax refund of around $429 million according to Citizens for Tax Justice (CTJ).

The refunds reportedly come from tax deductions on executive stock options and share awards.

Facebook released its first annual report as a public company on January 30 after floating in May 2012.

CTJ describe the fact that the company 'did not pay even a dime in federal and state income taxes' as an 'amazing admission.'

As reported by Businessweek, Facebook says it had a $559 million federal tax liability in 2012.

But their refunds on the tax deductibility of stock options reduced the companies federal and state income taxes by $1.03 billion for the year, including refunds of earlier years’ taxes of $451 million. Full story...

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