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Facebook sued for $9bn in unpaid taxes

Feb 20, 2020 13:50 IST

According to Reuters, Facebook is facing a lawsuit from the US Internal Revenue Service over claims that the social media giant owes more than $9 billion in unpaid taxes. The entire case is based around Facebook handing out its intellectual property to a subsidiary in Ireland in 2010 to cut its overall tax bill. And while Facebook Ireland paid its US counterpart more than $14 billion from 2010 to 2016, IRS argues the valuation of the IP was too low and should be taxed accordingly.

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