Facebook AU Books Over Half Billion In Sales, Pays Less Than $12 Million Tax
Facebook Australia raked in more than $580 million last year, but paid less than $12 million in taxes.
A 39-page document lodged with the Australian Securities and Investments Commission yesterday reportedly shows the company paying $454.9 million to an overseas subsidiary, leaving them with a net revenue of $125.5 million.
The bulk of the money, $579.7 million, came from advertising sales, with an additional $696,000 coming from “services”.
An audit by the Australian Tax Office of Facebook’s records since 2009 resulted in a $31.3 million settlement in 2017.
In an earnings call yesterday, Facebook Chief Financial Officer David Wehner revealed the company expects to pay between $US3 billion and $US5 billion once an inquiry by the United States’ Federal Trade Commission brought on by the Cambridge Analytica scandal was resolved.