Facebook Shutting Irish Units at Center of Tax Dispute: Times

Facebook Inc. has moved to wind down several Irish holding companies that had allowed it to shift billions of dollars in profit to the country, where it was lightly taxed, the Times of London reported, citing company documents.

The Irish companies were used to hold its intellectual property for international sales, and Facebook companies around the world would pay the units for the use of the IP, shifting much of the sales outside the U.S., the newspaper said. Facebook’s main Irish holding company paid $101 million in taxes on profit of more than $15 billion in 2018, the last year records were available, the paper said.