Facebook shuts several branches in Ireland in tax scandal Fermented

Facebook’s latest records reveal that, according to international media sources, the corporation has begun to steadily close many Irish holding companies that have allowed Facebook to move billions of dollars in income to Ireland for taxation because the tax rate in the country is lower.

This Irish firms are allegedly used to retain the intellectual property rights of Facebook to sell on the foreign market, and Facebook companies around the world can pay for the use of their intellectual property rights to move more of their profits to areas outside the United States. The latest available documents reveal that the primary parent firm of Facebook in Ireland paid $101 million in taxes in 2018 with revenues of more than $15 billion.

image source: ft.com

The decision by Facebook to shutter its Irish subsidiary stemmed from a complaint brought by the Internal Revenue Service (IRS), which brought Facebook to court, accusing the social media giant of moving money to Ireland in order to circumvent US taxes. Moreover, these branches were also used by Facebook to move billions of euros of revenues from Ireland back to the United States.

“The proceeds of intellectual property licensing related to our international business have been transferred back to the United States. This change took effect from July this year, making the company structure most in line with our expectations. We believe this is in line with policies around the world. The tax law reforms that the framers are advocating and the upcoming tax law reform are consistent.”The proceeds from the licensing of intellectual property related to our international business have been transferred back to the United States. This change took effect in July this year, making the structure of the company most in line with our standards. We agree that this is in line with worldwide policies. The reforms of tax law advocated by the framers and the upcoming