Facebook agrees to pay millions more in tax

13 December, 2017, 06:13 | Author: Franklin Nunez
  • Facebook Dublin offices

Facebook stressed the changes will have no jobs impact here, where it employs more than 2,000 workers, and that Dublin remains its worldwide headquarters.

Facebook is changing its tax structure so it will pay taxes locally instead of putting its revenue through worldwide headquarters in Dublin, Ireland.

"We believe that moving to a local selling structure will provide more transparency to governments and policymakers around the world", David Wehner, Facebook's chief financial officer, said in a blog post Tuesday. It already made such a change in the United Kingdom past year under political pressure there, and is now essentially mirroring this worldwide.

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It's not clear yet how much extra tax Facebook will pay as a result of this, and there is still enough wiggle room for plans to change further down the line.

Social Media giant Facebook will change its tax structure meaning instead of recording all advertising revenue through its worldwide headquarters in Dublin, Ireland it will be recorded by tis local companies in those countries. The social network now funnels all of its non-U.S. revenue through its global headquarters in Ireland.

Wehner said Facebook would implement the change throughout 2018 and aim to complete it by the first half of 2019.

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This will affect its operations in nearly 30 countries where it has a physical presence such as a sales office.

Google, for example, booked €26.3 billion of global revenues here past year, paying tax of €163 million tax in Ireland. The move follows pressure from several European governments for the social network to start paying local income and value-added taxes on the services it sells.

Not everyone has welcomed the proposals. "We will roll out new systems and invoicing as quickly as possible to ensure a seamless transition to our new structure", he said.

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Amazon also changed how it pays tax across the European Union in 2015 to be more transparent.

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