Italian Fiscal Accord: Facebook To Pay 100m

Italian Fiscal Accord - Facebook To Pay 100mSocial media giant Facebook has agreed to pay more than 100 million euros ($114 million) to end a fiscal fraud dispute, Italian tax authorities said Thursday.

Italy has already drawn similar agreements from Amazon, Apple and Google, joining EU neighbours seeking a bigger tax take from multinationals previously able to use loopholes allowing the booking of profits in countries with more favourable tax regimes.

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The accord aims to “end the disagreement relating to tax inquiries undertaken by the financial police (GdF) at the behest of the Milan prosecutor for the period 2010-2016,” Italy’s tax authority said in a statement.

The authority added that Facebook Italy would be “making a payment of more than 100 million euros.”

Online retail behemoth Amazon agreed on a similar deal last December while in May last year Google agreed to pay 306 million euros to end a dispute relating primarily to 2009-2013 profits booked in Ireland.

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Ireland has one of the lowest corporate tax rates in the European Union.

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Apple had earlier, in December 2015, agreed to make payment of more than 300 million euros on Italian-generated profits dating back to 2008. (AFP)

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