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Sat, Feb 15, 2020 3:03

Facebook may have to pay more taxes in Europe: Zuckerberg

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Facebook Chief Executive Mark Zuckerberg has said that global tax reforms mean it may have to pay more taxes in different countries, excerpts of a speech he is due to deliver in Germany on Saturday show.

Facebook Chief Executive Mark Zuckerberg has said that global tax reforms mean it may have to pay more taxes in different countries, excerpts of a speech he is due to deliver in Germany on Saturday show.

Cross-border tax rules are set to be rewritten after 137 states sought last month to avoid a new trade war over the global multiplication of taxes on digital services, prompted by some countries preparing to go at it alone.

“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 is looking at this,” Zuckerberg is expected to tell the Munich Security Conference.

“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,” he added.

Amazon, Facebook and Google have strained existing rules because they are able to book profits in low-tax countries like Ireland, no matter where their customers are.

Government officials agreed last month to negotiate new rules for where tax should be paid and what share of profit should be taxed, the Organisation for Economic Co-operation and Development (OECD) said.

 

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