facebook to challenge us bill for back taxes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Facebook to challenge US bill for back taxes

Arab Today, arab today

Arab Today, arab today Facebook to challenge US bill for back taxes

The US government is expected to hit Facebook with a bill for between $3 billion
Washington - AFP

The US government is expected to hit Facebook with a bill for between $3 billion and $5 billion in back taxes, the social network has disclosed.

Facebook said it would challenge the Internal Revenue Service (IRS) assessment in the US Tax Court when it becomes final.

The tax bill relates to a previously disclosed review of the pricing of assets Facebook transferred to its Irish subsidiary.

In a filing with regulators Thursday, Facebook said it had received a notice this week from the IRS about the review.

"While the notice applies only to the 2010 tax year, the IRS states that it will also apply its position for tax years subsequent to 2010, which, if the IRS prevails in its position, could result in an additional federal tax liability of an estimated aggregate amount of approximately $3.0 billion to $5.0 billion, plus interest and any penalties asserted," the filing said.

"We do not agree with the position of the IRS and will file a petition in the United States Tax Court challenging the notice."

The news comes after Facebook reported Wednesday a huge quarterly profit jump, with net income leaping 186 percent from a year ago to $2.05 billion and revenues surging 59 percent to $6.4 billion.

The IRS revelation is the latest highlighting tax questions on the global operations of big tech companies.

European Union officials have looked at the tax liabilities of companies including Google, Amazon and Apple. Some of the firms have taken advantage of tax breaks offered from Ireland, Belgium and Luxembourg.

Ireland has long been a favorite location for multinationals because its 12.5 percent corporate tax rate is the lowest in the 28-nation EU.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

facebook to challenge us bill for back taxes facebook to challenge us bill for back taxes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

facebook to challenge us bill for back taxes facebook to challenge us bill for back taxes

 



GMT 13:49 2017 Thursday ,08 June

Boko Haram kills 11 in NE Nigeria attacks: police

GMT 09:08 2017 Monday ,11 September

Palestinian court grants bail to prominent activist

GMT 00:06 2018 Wednesday ,24 January

Emirates signs agreement for 36 additional A380s

GMT 09:59 2018 Wednesday ,10 January

Pakistan reiterates solidarity with Saudi Arabia

GMT 23:01 2016 Wednesday ,30 November

21 killed in artillery shelling of eastern Aleppo

GMT 09:22 2016 Monday ,10 October

US troops in Kuwait came under 'suicide' attack

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 11:24 2017 Wednesday ,15 February

ISIS kidnapped 16 civilians from Anbar

GMT 19:30 2018 Wednesday ,31 October

King congratulates Antigua and Barbuda Governor-General

GMT 00:05 2017 Thursday ,28 December

Guterres extends mandate of UN-backed Lebanon tribunal
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday