Saturday, December 07, 2013

Facebook offshores HUGE WAD OF CASH to Caymans - via Ireland to avoid taxes...

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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  5. Apple hides almost $1bn a week from US tax man...

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