Assets That Facebook Used to Avoid U.S. Taxes Are Shifted Out of Ireland
Facebook (NASDAQ: FB) could be facing a substantial increase in its tax liabilities after closing down its operating unit in Ireland, which was used to shield billions of dollars in revenue from U.S. taxes.
The social networking site was sued by the Internal Revenue Service over the creation of the holding company in 2010, contending Facebook downplayed the value of the assets in a bid to pay lower U.S. taxes. The Times of London reported last week that the holding company paid just $101 million in Irish corporate taxes on $15 billion in profits in 2018, the most recent data available.
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Source Fool.com
