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Facebook to close Irish holding companies at centre of tax dispute

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December 27, 2020 at 03:42PM

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Intellectual property to be repatriated to the US after IRS said it was owed $9bn in taxes

Facebook is winding up Irish holding companies it has used to channel billions of profits to avoid paying taxes in the US, the UK and hundreds of other countries.

The company’s main Irish subsidiary paid $101m (£75m) in tax while recording profits of more than $15bn in 2018, the last year for which records are available. Facebook companies around the world paid the Irish holding company for use of its intellectual property.

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