Facebook Will Pay Taxes Locally

Facebook Will Pay Taxes Locally

Facebook Will Pay Taxes Locally

Chief Financial Officer Dave Wehner said it means "that advertising revenue supported by our local teams will no longer be recorded by our worldwide headquarters in Dublin, but will instead be recorded by our local company in that country". The U.S. and Canada still make up the biggest segment of Facebook's advertising revenue, though it's clear the company wants to continue to grow those worldwide businesses.

Advertisements will be sold and recorded by "local teams" - effectively meaning that the company will pay tax in the country where the ads are sold.

Facebook said Tuesday that it will change how it pays tax on its global operations, in a move that may result in the social networking giant contributing more to national budgets across Europe and farther afield.

Although Wehner said Facebook's goal is greater transparency, the company's move is likely also a response to the growing scrutiny in tax reporting for major tech enterprises in the EU.

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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.

Mr Coffey said the move by Facebook may be pre-empting changes many expect to kick in under the OECD-led effort to address what's called base erosion and profit shifting (Beps), structures that help large companies shift money around to reduce tax bills.

The changeover will take until mid 2019 to complete, although it is understood that larger European nations such as France and Germany - where complaints against its old strategy are most vociferous - will be at the head of the queue. The company, however, was criticized for not paying enough tax after its British revenues quadrupled, to £842 million, over the same period.

Despite Facebook's efforts to mollify the growing clamor for tech companies to pay more tax, it remains unclear whether the social network's proposed changes will be enough to stop European Union policymakers from pushing ahead with changes to the region's tax policies.

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