Category: Facebook

OECD moves toward consensus on taxing multinational tech companies

The Organization for Economic Cooperation and Development is making progress on dealing with the tax challenges of the digital economy with a goal of arriving at a new consensus-based long-term solution in 2020. The OECD announced last week that the countries and jurisdictions participating in the OECD/G20 Inclusive Framework on… – Continue reading

Austria to Introduce Tax on Tech Giants With Annual Revenues Over $864Mln – Kurz

VIENNA (Sputnik) – The Austrian government will introduce a 3-percent tax on international tech giants with an annual turnover exceeding 750 million euros ($864 million), Austrian Chancellor Sebastian Kurz said on Thursday. “Europe currently does not have taxation of digital Internet giants and Austria intends to become a pioneer in… – Continue reading

Australian corporate tax takes up 20 percent: data

CANBERRA, Dec. 13 (Xinhua) — The amount of tax paid by Australia’s biggest companies has risen 20 percent in a single year, data has revealed. According to the Australian Taxation Office (ATO) ‘s corporate tax data for financial year 2016-17, which was released on Thursday, the nation’s 1,470 biggest companies… – Continue reading

EU finance ministers need to deliver: Digital companies must pay tax

When European finance ministers meet on Tuesday (4 December), they should swiftly adopt the digital service tax: a levy on turnover for very large digital firms such as Google, Apple, Facebook, Amazon, Booking and Spotify, write Udo Bullmann and Paul Tang. Udo Bullmann is president of the Socialist and Democrats… – Continue reading

Britain to start taxing big internet companies

LONDON — Britain’s Treasury chief unveiled Monday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the United Kingdom pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that… – Continue reading

Germany urges global minimum tax for digital giants

FRANKFURT AM MAIN: German Finance Minister Olaf Scholz in an interview said he backed a global minimum fiscal regime for multinationals as Europe looks to levy tax notably on US tech giants. “We need a minumum tax rate valid globally which no state can get out of (applying),” Scholz, a… – Continue reading

EU Should Challenge Google, Apple, Facebook, Amazon Payment Systems, ECB Says

A European Union board member gave a speech criticizing the weak presence of European fintech businesses in the continent’s own market. The leader’s comments come in response to several major clashes with American multinationals over their unscrupulous practices. Yves Mersch, European Central Bank (ECB) member of the Executive Board, addressed… – Continue reading

Facebook, Coke could face tax hit after ruling against Medtronic

Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading

European Leaders Press for New Digital Tax at G20 Meeting

European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with… – Continue reading

Facebook Facing Shareholder Scrutiny for Its Offshore Tax Avoidance

In recent months, Facebook CEO Mark Zuckerberg has been hauled before lawmakers in the United States and the European Union to respond to criticism of the company’s privacy policies and sharing of user data. Now the company’s dodgy tax practices are facing increased scrutiny from an even more important source:… – Continue reading

Australian Government planning on digitally taxing Google and Facebook

The Australian federal government has proposed a tax on digital advertising that could raise up to $200 million each year but could have serious consequences for corporate Australia. Scott Morrison, Australia treasurer, mentioned in his budget speech that the $7 billion in sales from Australians to United States owned media… – Continue reading

Israel Tax Authority is hunting for crypto traders on social media

It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should… – Continue reading

Legal notice seeking action against Google, YouTube, Facebook for ‘tax evasion’

The lawyers want the global companies to send back 10 years of unpaid taxes to Bangladesh A group of lawyers have sent a legal notice to Google, Facebook, Yahoo and YouTube, as well as several government bodies, seeking action against ‘tax evasion’ by these companies. Supreme Court lawyer Barrister Humayun… – Continue reading

Brussels raises new 3% tax on technology sales

The assessment to companies like Google, Facebook or Apple would raise 5 billion a year Google, Facebook and Apple have specialized in locating in a fictitious way their operations in microaffiliates located in territories or countries where corporate tax is low or even practically nil. And they have thus turned… – Continue reading

Digital firms with ‘big presence’ in India will have to pay taxes here

Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal… – Continue reading

Thousand billions in lost tax from foreign enterprises

Vietnam has lost thousands of billions of dong in taxes as foreign enterprises, especially large-scale ones, refuse to pay based on the Double Taxation Avoidance Agreement. Massive revenue without having to pay taxes The Ho Chi Minh City Department of Taxation has recently issued an ultimatum for Uber B.V Netherlands… – Continue reading

Facebook Korea to pay tax here on ad income

Facebook has decided to start paying tax to Korea on advertising revenue earned here, bowing to mounting complaints over multinational online giants’ tax avoidance. The U.S. social media company’s decision will place other global information players such as Apple, Google and Cisco under more pressure to follow suit. They have… – Continue reading

Paradise Papers reveal unethical tax avoidance by tech companies

Under President Trump’s political and economic climate, stocks and the economy have been soaring. Trump constantly aims for three percent GDP growth as a result of cutting corporate income and individual income taxes, which aims to encourage spending across different family incomes. However, these corporations the tax cuts favor have… – Continue reading

Paradise Papers: ICIJ releases another database revealing offshore companies

The International Consortium of Investigative Journalists (ICIJ) has released a database of around 13.4 million documents revealing over 25,000 companies owned by the world’s rich and influential individuals. The ICIJ coordinated the Panama Papers investigation into offshore companies. The latest files have disclosed the financial details of politicians, corporations, and… – Continue reading

U.S. companies urge EU to refrain from unilateral moves on Web tax

BRUSSELS (Reuters) – The European Union’s plans to increase taxes on digital firms risks undermining the bloc’s growth and stifle global efforts to find common solutions, U.S. companies operating in the EU said on Tuesday. Critics say online firms such as Google (GOOGL.O) or Facebook (FB.O) pay too little tax… – Continue reading

Taxmen set their sights on digital economy

KUALA LUMPUR: The taxmen of the Inland Revenue Board (IRB) and Royal Malaysian Customs Department have set their sights on the digital economy. Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah pointed out last week that some foreign-owned digital economy players like Google, Uber and Facebook are currently not… – Continue reading

EU Seeks a Digital Tax to Stem the ‘Bags of Money’ Lost to Loopholes

Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than… – Continue reading

Google, Facebook, And Others May Have To Pay More For EU Operations

Operations in the European Union haven’t been easy going for tech companies for quite a long time. While many European countries earlier called for strict privacy regulations and large fines on tech companies for violating them, they have now called for increased taxation for these companies for their operations in… – Continue reading

Multinational giants accused of shifting Australian revenue offshore

Four of the world’s largest companies have been under investigation by Australian tax authorities, amid new evidence from US executives about how Facebook, Google, Apple and Microsoft are shifting money to offshore tax havens. Appearing before a highly anticipated public hearing into corporate tax evasion, the executives endured questions about… – Continue reading

Facebook, Google paying more local tax in Australia after tax avoidance crackdown: officials

Multinational companies are now paying tax based on their Australian profits instead of shifting income to low-tax countries, officials say. CANBERRA, AUSTRALIA—Facebook, Google and other multinational companies are now paying tax in Australia based on their Australian profits instead of shifting income to low-tax countries since the government cracked down… – Continue reading

Fingerprint payments prompt privacy fears in India

After India’s banknote ban, private companies are using the country’s biometric database to bring financial services to millions For two years, Indian officials have been trawling the country, from city slums to unelectrified villages, zapping eyeballs, scanning fingerprints and taking photographs. Last month, Indian shoppers started to see the results…. – Continue reading

Canada Revenue Agency monitoring Facebook, Twitter posts of some Canadians

Agency is increasingly turning to cutting-edge data analysis techniques to improve service and ‘compliance’ The Canada Revenue Agency is scrutinizing the Facebook pages, Twitter feeds and other social media posts of Canadians it suspects could be cheating on their taxes. That’s just one example of the agency’s increasing focus on… – Continue reading

Inland Revenue audits Microsoft NZ over transfer pricing practices

Microsoft New Zealand is bracing for possible action from the taxman. The company said in its annual accounts that Inland Revenue was auditing payments charged to it by Microsoft companies overseas over the two years to June 2015. Microsoft NZ listed the Inland Revenue audit as a “contingent liability” for… – Continue reading

Snapchat opts for London over Dublin for international HQ

Move could be a worrying indicator of investment trends post-Brexit, post-Beps Snap, the company behind Snapchat, has opted to open its new new international headquarters in London, rather than Dublin, Amsterdam or Luxembourg, bucking a trend which for decades has seen US multinationals book their international sales in one of… – Continue reading

Google avoided billions in taxes by funneling money offshore

Alphabet Inc.’s Google managed to save $3.6 billion in 2015 by shifting its profits to a Bermuda shell company, according to filings in the Netherlands. Google used Ireland and the Netherlands as intermediaries. According to files obtained by Bloomberg, Google used the so-called “Double Irish” and a “Dutch Sandwich” tax… – Continue reading

Apple, Netflix, MS and IBM may have to pay `google tax’

The `Google tax’ could soon ensnare the likes of IBM, Microsoft, Amazon Web Services, Apple and Netflix, which provide online services in India. Cloud computing companies and content providers with customers in the country may be needed to pay equalisation levy on their revenue from the next financial year as… – Continue reading

‘We do not avoid tax’ insists Facebook

Facebook Ireland yesterday declared “we do not avoid tax” as revenues and pre-tax profits soared to record levels. New accounts show that Facebook Ireland Ltd’s corporate tax bill of €16.53m for 2015 represented only a tiny fraction of its record revenues of €7.89bn. The 63pc – €3bn – increase in… – Continue reading

Google, Facebook Targeted by Indonesia in Push for More Tax

Indonesia is widening its tax net to target global technology giants like Google and Facebook Inc., a strategy that’s raising red flags for fear it may deter foreign investment. Finance Minister Sri Mulyani Indrawati is seeking to squeeze more revenue out of an economy that’s been hit by weak commodity… – Continue reading

Australian ­Taxation Office turns to Facebook to catch cheats

Social media posts, private school records and immigration data are being used by the Australian Taxation Office as part of an increasingly sophisticated crackdown on tax cheats that yielded nearly $10 billion last year. ATO Commissioner Chris Jordan said the tax office had been investing in data collection analysis of… – Continue reading

Facebook pays just £4million in tax while lavishing British staff with £165MILLION

Accounts show each of the firm’s 682 workers took home average of £242,000 each in 2015 Facebook lavished £165million on its UK staff last year, while handing the taxpayer just £4million. Accounts show each of the firm’s 682 workers took home average of £242,000 each in 2015. The bumper payout… – Continue reading

Tax havens are under attack

Ireland, accused of being a tax haven for multinationals such as Apple to pay nearly zero tax on the bulk of its profits earned outside the United States, finds itself with a new adversary in the global fight against unfair tax practices — Brazil. As of October 1, Brazil will… – Continue reading

How Amazon Values Its Tech Assets for Tax Purposes

Regulators in Europe and the US say that the value Amazon places on the technology behind user experience varies radically depending on which appraisal will lower its tax bill. Jeff Bezos’s relentless focus on user experience has helped him make Amazon the most valuable e-commerce company in the world. But… – Continue reading

Republicans Take New Tack on Taxing Companies’ Overseas Profits

Democrats are likely to object to the House GOP’s and Donald Trump’s plans for sharply lower rates President Ronald Reagan once chided government’s approach to the economy as following this mantra: “If it moves, tax it.” Today’s Republicans are following Mr. Reagan’s ideas by trying the exact opposite approach. The… – Continue reading

Feds Sue Facebook Over Ireland Asset Sale That Cut IRS Tax Bill

The U.S. Internal Revenue Service (IRS) said Facebook Inc. may have understated the value of intellectual property it transferred to Ireland by “billions of dollars,” unfairly cutting its tax bill in the process, according to court papers. The U.S. Justice Department filed a lawsuit on Wednesday in federal court in… – Continue reading