Sunday, May 29, 2022
  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
No Result
View All Result
Home Mobile Apps

Facebook Slapped With RM38 Billion Tax Bill By The IRS

by John Law
February 21, 2020
Facebook app logo
59
SHARES
Share on FacebookShare on Twitter

Facebook is being slapped with a lawsuit yet again, and this time, it’s coming from the US’ Internal Revenue Service (IRS). The country’s tax collection agency says that the social network owes approximately US$9 billion (~RM37.7 billion) in taxes, including interest and penalties.

The IRS reportedly determined that Facebook had undervalued several of its intellectual properties. When it sold them to a subsidiary in Ireland nearly a decade ago. For context, Ireland is considered a corporate tax haven for companies, and moving its money through its own subsidiaries is typically the norm for multinational companies.

As you can imagine, the timing of the IRS’ lawsuit isn’t going to do any favours for Facebook. Last year, the social media platform agreed to US$5 billion (~RM21 billion) fine issued by the US Federal Trade Commission (FTC). In total, the fine amount that is to be paid to government agencies now sits at US$14 billion (~RM58 billion). Oddly enough, Facebook had also spent a similar amount for royalties and cost-sharing payments, according to Reuters.

ADVERTISEMENT

Facebook isn’t taking this fine sitting down. The company defended its action to undervalued its IPs, stating that the deal with its subsidiary was made before Facebook’s IPO and the development of its digital advertising platform. Further, it also stated that low valuation reflected the risks typically associated with its international expansion.

(Source: Reuters via Techspot)

Tags: Facebook
Back to top
Share24Tweet15SendShare

ADVERTISEMENT

RELATED ARTICLES

This Is How You Can Enable Disappearing Messages On WhatsApp
Apps

WhatsApp To Let Users Save Disappearing Messages

by Ikmal Rozlan
May 29, 2022

In the latest WhatsApp beta news, the messaging platform seems to be working on a feature that will let users...

Read more
New YouTube Update Enables Users To Skip Forward To Good Parts
Apps

Google to Bring Video Advertising to YouTube Shorts

by John Law
May 28, 2022

Google recently announced at its Marketing Live event that it will gradually start rolling out ads via YouTube Shorts and...

Read more
ktmb ets train
Transportation

KTMB Opens ETS, Intercity Ticket Sales For July Until December

by Ikmal Rozlan
May 27, 2022

KTMB has started selling tickets for ETS and Intercity service rides for the next six months. The company did the...

Read more
Samsung Teases 200MP ISOCELL Sensor With A Giant Cat Picture
Hardware

Samsung Teases 200MP ISOCELL Sensor With A Giant Cat Picture

by John Law
May 27, 2022

Last year, Samsung unveiled its 200MP ISOCELL mobile image sensor, dubbed the HP1. The new sensor had s apixel size...

Read more
Load More
No Result
View All Result

TRENDING TODAY

  1. 1
    Transportation

    Proposals For New Klang Valley Highways Approved To Reduce Congestion

  2. 2
    Mobile

    Samsung Galaxy A73 5G Review: Pushing The Price Barrier

  3. 3
    Fintech

    Enhanced TNG Card Sells Out Again Less Than Two Hours After Restock (UPDATE)

  4. 4
    Photography

    Huawei and Leica Partnership Is Officially Over

  5. 5
    Apps

    Facebook Slapped With RM38 Billion Tax Bill By The IRS

Lowyat.NET

Consumer Tech News & Reviews Malaysia

NETWORK

  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks

ABOUT

  • Advertise
  • Careers
  • Privacy Statement
  • Contact Us
  • Editorial Policy
  • Terms & Conditions

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

No Result
View All Result
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

We use cookies to improve your experience. Learn More.