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Facebook to close controversial Irish holding companies

Technology | The Guardian

Main subsidiary in Ireland paid just $101m in tax while recording profits of more than $15bn in 2018

Facebook is winding up controversial Irish holding companies it has used to shift hundreds of billions of profits through to avoid paying taxes in the US, the UK and hundreds of other countries around the world.

The company’s main Irish subsidiary paid just $101m (£75m) in tax while recording profits of more than $15bn in 2018, the last year for which records are available. Facebook companies around the world paid the Irish holding company for use of Facebook’s intellectual property.

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December 27th 2020, 10:44 am
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