Facebook has reportedly swerved a huge corporation tax bill by paying its Ireland-based parent company - Facebook Holdings Limited - €1.75bn in “admin costs” for its intellectual property.
According to the Financial Times (£), Facebook recently reported a pre-tax loss of €626,000 after it paid out those expenses.
In 2012, Facebook Ireland Ltd had 382 staff on its books in Dublin, and reported a gross profit of €1.75bn and sales of €1.79bn for the year.
The paper said that a number of the free content ad network's shareholders were Facebook subsidiaries based in the Caymans Islands; a well-known tax haven.
The practice of avoiding tax in that way – known as Double Irish – is used by other internet giants such as Google, which shifts some of its money through a Bermuda shell company. Full story...
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According to the Financial Times (£), Facebook recently reported a pre-tax loss of €626,000 after it paid out those expenses.
In 2012, Facebook Ireland Ltd had 382 staff on its books in Dublin, and reported a gross profit of €1.75bn and sales of €1.79bn for the year.
The paper said that a number of the free content ad network's shareholders were Facebook subsidiaries based in the Caymans Islands; a well-known tax haven.
The practice of avoiding tax in that way – known as Double Irish – is used by other internet giants such as Google, which shifts some of its money through a Bermuda shell company. Full story...
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