Facebook to close Irish units at centre of tax dispute

Facebook confirmed Wednesday it was closing its Irish subsidiaries at the center of a dispute on profit shifting to avoid taxes in the United States.

The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities, which claimed the company owed billions in taxes by improperly shifting profits offshore.

A Facebook spokesperson said the move was “part of a change that best aligns with our operating structure” and that the holdings of the three subsidiaries were “distributed to its US parent company.”

The closing was previously reported by the Times of London and other media.