Facebook, the Social media giant, has decided to pay over 100 Million ($114 Million or almost Rs. 800 Crore) to conclude a financial fraud argument, claimed Italian tax officials to the media in an interview. Italy has already drawn analogous agreements from Apple, Amazon, and Google, joining EU neighbors looking for a larger tax take from MNCs. These neighbors were earlier capable of using loopholes permitting the booking of profits in nations with more favorable tax rules.
“The deal plans to end the argument associated to tax enquiries undertaken by the GdF (financial police) for the period 2010–2016 at the request of the Milan prosecutor,” claimed tax authority of Italy to the media in an interview. The authority claimed that Facebook Italy will be making a payment of over EUR 100 Million. Amazon, the online retail behemoth, decided on a similar agreement in December 2017 while in May 2017 Google decided on to pay EUR 306 Million to conclude an argument associated majorly to 2009–2013 profits earned in Ireland.
On a related note, the ICO (Information Commissioner’s Office) of the U.K. earlier penalized Facebook with 500,000 Pounds for serious violations of data protection regulation. This is the utmost amount that the office is authorized to issue. The penalty is by the nation’s independent data regulator associated to the U.S. social media behemoth’s role in the data scandal by Cambridge Analytica that hit the news previously this year.
The ICO claimed that its investigation discovered that from 2007 to 2014, Facebook processed the personal data of consumers unfairly by permitting app developers authorize to their data without enough informed and clear consent. “Facebook was unsuccessful to sufficiently defend the privacy of its consumers earlier, after and during the illegal processing of this info,” claimed Elizabeth Denham, the Information Commissioner.