MILAN: Facebook parent company Meta faces a potential tax bill of around €870 million (US$925 million) in Italy after prosecutors launched an investigation into the company, two sources with direct knowledge of the matter said on Wednesday. The investigation was opened by Milan magistrates at the request
MILAN: Facebook parent company Meta faces a potential tax bill of around €870 million in Italy after prosecutors launched an investigation into the company, two sources with direct knowledge of the matter said on Wednesday.
The spokesperson added that the company takes its tax obligations seriously, pays all tax required in the countries where it operates and will fully cooperate with the authorities. The two sources said that investigators believe that free membership on Meta platforms comes in return for access to user data and should be classified as an exchange of services, therefore subject to VAT sales tax.Italy's tax police and revenue agency calculated a model under which Meta would have had to pay around €220 million of sales tax in Italy in 2021, according to the sources.
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