Facebook is finalizing some of its Irish tax havens

The social media giant, like other tech companies, made a mistake because they used arrangements in Ireland to pay taxes in other countries. The IRS sued Facebook in 2016 to find out more about its practices, and followed a court battle, arguing that it owed more than $ 9 billion and hid its true value. Similarly, G20 countries have called for the reform of tax legislation aimed at large technology enterprises. Facebook acknowledges that it will pay more taxes despite its earlier efforts to do creative accounting.

It will not necessarily bring windfall for the US, UK and other countries. However, it may be more in line with what you expect. In the UK, for example, Facebook paid just £ 100,000 more in taxes in 2019, despite profits being more than 25 per cent. These payments are likely to rise dramatically in the near future.