Facebook to close Irish units at center of tax dispute
The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities, which claimed the company owed billions in taxes by improperly shifting profits offshore.
A Facebook spokesperson said the move was "part of a change that best aligns with our operating structure" and that the holdings of the three subsidiaries were "distributed to its US parent company."
The closing was previously reported by the Times of London and other media.
But it noted that these assets were repatriated in July in a move which "best aligns corporate structure with where we expect to have most of our activities and people."
The news comes amid stalled negotiations on a new global tax treaty which would allocate profits of multinational firms including tech giants and efforts by some countries to unilaterally impose digital taxes based on revenues.