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Facebook sued for $9bn in a tax court trial

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The FINANCIAL — The Internal Revenue Service have accused Facebook of deliberately “downplaying” the value of its assets as part of a scheme to pay less US tax. The IRS claims that Facebook owes more than $9 billion linked to its decision to shift profits to Ireland. Trial began in a San Francisco court on Tuesday. The trial, which Facebook expects will take three to four weeks, could see top executives including hardware chief Andrew Bosworth and Chief Technology Officer Mike Schroepfer called to testify, according to a document the company filed in January. The witness list also includes Naomi…

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Facebook sued for $9bn in a tax court trial

2 mins read

The FINANCIAL — The Internal Revenue Service have accused Facebook of deliberately “downplaying” the value of its assets as part of a scheme to pay less US tax. The IRS claims that Facebook owes more than $9 billion linked to its decision to shift profits to Ireland. Trial began in a San Francisco court on…

Mark Zuckerberg met EU officials in Brussels and asked for more regulations

2 mins read

The FINANCIAL — Facebook CEO Mark Zuckerberg called for governments to work with online platforms to create and adopt new regulation for online content. On Wednesday, EU leaders will kick-start debate about new rules governing data and artificial intelligence. For years, Facebook Inc. lobbied governments against imposing tough regulations, warning in some cases that they…