Facebook France to pay over £95 million in back taxes

Facebook Inc. (NASDAQ: FB) said on Monday that its French subsidiary will pay over £95 million in back taxes. The figure also accounts for a £19.86 million penalty ascribed to an audit by French tax authorities that examined the company’s accounts data from 2009 to 2018. According to Facebook’s spokesman, the U.S. tech giant’s French subsidiary decided in 2018 that advertising sales will be included in its annual accounts. Consequently, Facebook’s net revenue in France totalled £674 million in 2019 that translates to an almost 100% annualised increase. Facebook France paid £7.67 million of income taxes in 2019 Facebook’s workforce