The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities. — AFP
WASHINGTON DC: Facebook confirmed on Dec 30 that it was closing its Irish subsidiaries at the centre of a dispute on profit shifting to avoid taxes in the United States.
The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities, which claimed the company owed billions in taxes by improperly shifting profits offshore.
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