Sunday, 27 May, 2018

Facebook to overhaul how it pays tax worldwide

Facebook will now start paying tax locally Moving to a Local Selling Model | Facebook Newsroom
Preston Stone | 13 December, 2017, 05:04

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.

This moves comes after significant pressure and scrutiny from the U.S. and Europe for its tax practices. The company lowered its tax bill further by paying large royalties to companies resident in the Cayman Islands, shifting much of the profit from Dublin to the tax haven.

The announcement comes as policymakers push digital companies - many of which have set up shop in low-tax countries like Ireland and Luxembourg - to be more transparent about where they pay corporate tax.

Facebook Inc. announced a major change today to the way it reports advertising revenue outside of the USA, claiming that it wants to be more transparent with local governments and businesses.

It now re-routes revenue through its worldwide headquarters in Dublin and attracted criticism in the United Kingdom after it was shown to have paid just over £4,000 in tax in 2014.

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Chief Financial Officer Dave Wehner said it means "that advertising revenue supported by our local teams will no longer be recorded by our global headquarters in Dublin, but will instead be recorded by our local company in that country". "That said, each country is unique, and we want to make sure we get this change right".

Facebook will gradually introduce the new reporting structure throughout 2018, and the company expects to have the system fully in place by the first half of 2019.

"This is a large undertaking that will require significant resources to implement around the world", added Wehner.

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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