By Euro Weekly News Media • 06 July 2015 • 16:03
DESPITE reported large increases in their revenue in 2014, both Spain’s Facebook and Twitter operations declared just €7 million in in total income. Facebook Spain had a turnover of €3.9 million and made a net profit of €206,296, a 48 per cent increase, according to their company accounts.The increases in revenue for both groups are set off by tax loopholes, which mean they can bill for services from Ireland and pay minimal taxes. It is estimated that in Spain, Facebook generates a revenue of as much as €150 million, according to data from website, Techcrunch, which calculates that the country’s 18 million users each bring in around €9 a year.Twitter Spain tripled business in 2014, going from €983,000 to €3.09 million, according to company accounts, and paid €81,535 on its 2014 profits. The European Commission is trying to introduce legislation to close such loopholes, which were initially created to allow companies avoid double taxation.
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