"Facebook is unlikely to make many new friends with reports that it paid Irish taxes of about $4.64 million on its entire non-U.S. profits of $1.344 billion for 2011. That’s a lousy 0.3%. They did this by operating a second subsidiary that is incorporated in Ireland but controlled in the Cayman Islands. This allows the two companies to be considered as one for U.S. tax purposes, but separate for Irish tax purposes. The Caymans-operated subsidiary owns the rights to use Facebook's intellectual property outside the U.S., for which Facebook Ireland pays hefty royalties to use. This lets Facebook Ireland transfer the profits from low-tax Ireland to no-tax Cayman Islands. Basically, I have no fucking idea what all that means, but what I do know is that Facebook is fucking us. Obviously, this is because ZuckerNozzle needs more dosh. And his weirdo “Tweeting” sister needs to fund another TV disaster.
Someone has to pay for this shit!
