Facebook happy to pay Europe more tax – Leaked statement reveals

Facebook happy to pay Europe more tax – Leaked statement reveals

- Facebook intends to accept reforms that would lead to the payment of more taxes in Europe

- The planned acceptance forms part of a statement to be released by the CEO, Mark Zuckerberg on Saturday, February 15, 2020

- Some European countries have called for increased taxes for the technology firm but this has been challenged by Donald Trump

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

A planned statement to be released on Saturday by the chief executive officer (CEO) of Facebook, Mark Zuckerberg, shows the company is happy to pay more taxes in Europe.

Excerpts of his intended speech were reportedly sighted by the BBC and Telegraph, Business Insider reports.

This comes in the wake of drawn-up bills for taxing revenue generated by big technology companies such as Facebook in European countries such as Britain and France.

A portion of the reported speech reads: "I understand that there's frustration about how tech companies are taxed in Europe.

We also want tax reform and I'm glad the OECD [Organisation for Economic Co-operation and Development] is looking at this.

We want the OECD process to succeed so that we have a stable and reliable system going forward. And we accept that may mean we have to pay more tax and pay it in different places under a new framework."

This has however led to some clashes with the United States of America (USA).

The USA claims the move is discrimination against American companies.

Briefly.co.za understands that technology firms such as Facebook have historically employed tactics to minimize the taxes they pay in the European Union.

This includes routing taxes through countries such as Ireland, which has favorable tax laws.

President Macron of France has meanwhile agreed to hold off an attempt to implement a 3% tax.

The decision was reached after Donald Trump warned of tariffs on French goods such as wine and cheese.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel