Business
Revealed: Facebook’s tax bill in Australia just $20m – Sydney Morning Herald
Facebook shrugged off COVID-19 to grow revenue, but paid just $20 million in tax after funnelling over $500 million to an offshore subsidiary.
Social media behemoth Facebook funnelled more than half a billion dollars in Australian advertising revenue last year through an offshore subsidiary to trim its local tax bill to just $20 million.
Accounts disclosed with the corporate regulator, the Australian Securities and Investment Commission, on Friday evening show Facebook sidestepped the worst effects of the recession last year sparked by the coronavirus pandemic. The company generated total advertising revenue in Australia of $712.7 million…
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