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Facebook tax court trial begins over Ireland offshore deal

reuters.com

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Re: Facebook tax court trial begins over Ireland offshore deal

#101

Post by bilekas »

alehul wrote: post #92

To those mentioning that Facebook's revenue is $70b: their net income is only around ~$18b. This would be half of Facebook's net income for an entire year, which is substantial. It's a big deal to them.

Not exactly, it's not a good measure simply to take the profit of 1 year as a guide. They will not be expected to pay this fine each year.

Turning over a profit of 9Bn, its still after this fine..

Thats still huge. Given their assets, cash on hand etc. I don't think they will lose much sleep.

Anyway they will get away with it. They can afford to.

Re: Facebook tax court trial begins over Ireland offshore deal

#102

Post by bilekas »

bryanrasmussen wrote: post #97
alehul wrote: post #92

To those mentioning that Facebook's revenue is $70b: their net income is only around ~$18b. This would be half of Facebook's net income for an entire year, which is substantial. It's a big deal to them.

yes but it's my experience that revenue can be played with to determine the net income you find preferable, generally for tax purposes.

This happens more frequently than outright evasion.

Re: Facebook tax court trial begins over Ireland offshore deal

#103

Post by saiya-jin »

alehul wrote: post #92

To those mentioning that Facebook's revenue is $70b: their net income is only around ~$18b. This would be half of Facebook's net income for an entire year, which is substantial. It's a big deal to them.

Well it should be. There are public services not being provided/underfunded because of those unpaid taxes. Considering main revenue stream of FB, there is hardly anybody here being sad about this.

In a similar vein when a rogue multinational bank is fined up to a yearly profit for some dirty shit, and people celebrate.

Re: Facebook tax court trial begins over Ireland offshore deal

#104

Post by suifbwish »

ngngngng wrote: post #91
bilekas wrote: post #89

Earlier quoted context omitted.

But if you as a citizen owe 1000USD, you'll be pursued more. Its completely messed up, but that's the current rules of the system. Without going into politics, they play by the stretched rules.

It's because of the golden rule. He who has the gold, makes the rules.

You are wrong. He who has the guns and the men to use them makes the rules. Gold can be seized, guns must be fought for

Re: Facebook tax court trial begins over Ireland offshore deal

#105

Post by juandazapata »

skrowl wrote: post #88

Facebook made $70B in 2019. This fine amounts to about 7 weeks of their time. During the time it takes for the trial / etc, they'll make enough money to pay the full fine. That's just revenue, obviously they'll have other expenses... but still, this isn't as large of a hit to them as $9B sounds.

$70B revenue, $18B income. That $9B is half of the net income of a full year. I would say that's a hefty hit.

Re: Facebook tax court trial begins over Ireland offshore deal

#106

Post by throwaway_tech »

alehul wrote: post #92

To those mentioning that Facebook's revenue is $70b: their net income is only around ~$18b. This would be half of Facebook's net income for an entire year, which is substantial. It's a big deal to them.

It should be noted the unpaid taxes are from the period of 2010-2016.

>“Facebook Ireland and Facebook’s other foreign affiliates - not Facebook US - led the high-risk, and ultimately successful, international effort to sell Facebook ads,” the company said in a pre-trial memorandum.

What a fraud.

Re: Facebook tax court trial begins over Ireland offshore deal

#107

Post by objclxt »

skrowl wrote: post #88

Facebook made $70B in 2019. This fine amounts to about 7 weeks of their time. During the time it takes for the trial / etc, they'll make enough money to pay the full fine. That's just revenue, obviously they'll have other expenses... but still, this isn't as large of a hit to them as $9B sounds.

> Facebook made $70B in 2019. This fine amounts to about 7 weeks of their time.

You're talking about revenue, not income. Facebook's income in 2019 was $18.5 billion. It would be a substantial hit.

Re: Facebook tax court trial begins over Ireland offshore deal

#108

Post by gruez »

bilekas wrote: post #89
rdlecler1 wrote: post #86

These tax dodges are corporate shenanigans, and to me it’s no different than tax evasion.

But if you as a citizen owe 1000USD, you'll be pursued more. Its completely messed up, but that's the current rules of the system. Without going into politics, they play by the stretched rules.

>But if you as a citizen owe 1000USD, you'll be pursued more.

Is the IRS really auditing people over $1000 in taxes (under $4000 of revenue/income)?

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