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Facebook pays $17m tax in Australia, profits in Malaysia before tax.
29 Jul
Facebook Australia earned $674 million in local ad revenue in 2019, but it trimmed its income tax bill to a little under $17 million through a reselling arrangement that minimised its profits to $22.7 million.
Facebook’s accounts in Australia for 2019 show it booked local ad revenues of $167.1 million, classifying it as revenue from contracts with customers.
Facebook incurred an income tax expense of $16.8 million in 2019, up from $11.8 million the previous year, leaving the social media giant with Australian profits of $22.7 million, down from $23.3 million in 2018.
For financial year ending 31 December 2019, Facebook Malaysia declared revenues of RM20.297 million for 2019, and they made a profit of RM300,276 before tax. Based on official submissions, it made a loss of after tax. So did they pay RM943,995 in tax to the Malaysian government for last year?
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