Social media giant Facebook has right now agreed to pay almost 100 million, which sums up to $114 million, which is Rs 800 crores before the end of the fiscal year for the fraud dispute to the Italian tax authorities.
Italy has been able to draw similar kind of agreements from companies like Google, Apple, and Amazon after joining the European Union neighbors who are basically seeking for bigger taxes from all the multinational companies who previously were able to save money with the help of all the loopholes which are present.
All the social media companies have saved their money and it is time for them to pay all the taxes which the government deserves. This is the reason why Facebook will have to pay about 100 million to the government for taxes.
The main aim of the accord is to end all the disagreement which are all related to tax inquiries which are all undertaken by the financial policies. According to the authority, Facebook Italy will soon be making a payment of about 100 million euros and the online company Amazon will soon be entering in a deal which is very much similar to Facebook, but they will be paying taxes of about 306 million euros. This money will be paid to the government so that there will be absolutely no taxes left to pay.
Ireland is known throughout the world for having one of the lowest corporate tax rates amongst all the countries which are present in the European Union. Apple had also been a part of this deal and they ended up paying 300 million euros in the month of December in 2015. All the taxes of Apple were dated back till the year 2008 since the time Apple started emerging in the market.