By Tim Worstall, Contributor We’ve a rather breathless report designed to stir up outrage over the manner in which Facebook isn’t going to pay the corporate income tax on the $ billion or so of profits that it has announced for last financial year. Not only won’t it not pay taxes on that amount it appears to have a tax refund from previous years. Sadly the story is simply an example of how some people just do not understand the taxation system: Earlier this month, the Facebook Inc. released its first “10-K” annual financial report since going public last year. Hidden in the report’s footnotes is an amazing admission: despite $1.1 billion in U.S. profits in 2012, Facebook did not pay even a dime in federal and state income taxes. …read more
Source: FULL ARTICLE at Forbes Latest