Italy hands VAT bill to Meta, X and LinkedIn in landmark tax case

Italy hands VAT bill to Meta, X and LinkedIn in landmark tax case


Visitors take pictures by a sign posted in front of Meta headquarters in Menlo Park, California, on Jan. 29, 2025.

Justin Sullivan | Getty Images

Italy has handed tax demands to Meta, X and LinkedIn in the formal and final step in an unprecedented official VAT claim against the three U.S. web giants that could have repercussions across the European Union, four sources with direct knowledge of the matter said on Wednesday.

While it has been reported that Facebook and Instagram parent company Meta and Elon Musk’s social network X were under investigation for alleged tax fraud, it had not been disclosed that Microsoft’s LinkedIn unit was also caught up in Italy’s pilot VAT case for the tech sector in Europe.



Source

Trump arrives in Beijing with CEOs ahead of Xi meetings
World

Trump arrives in Beijing with CEOs ahead of Xi meetings

U.S. President Donald Trump participates in an arrival ceremony at Beijing Capital International Airport during his visit to the country, in Beijing, China, May 13, 2026. Evan Vucci | Reuters U.S. President Donald Trump has landed in Beijing for a highly anticipated presidential summit with his Chinese counterpart, Xi Jinping. Trump is being accompanied on […]

Read More
‘Bond markets on edge’ as King Charles sets out fragile UK government’s agenda
World

‘Bond markets on edge’ as King Charles sets out fragile UK government’s agenda

U.K. Prime Minister Keir Starmer. Wpa Pool | Getty Images News | Getty Images Britain’s King Charles III set out the agenda of a fragile U.K. government on Wednesday after Prime Minister Keir Starmer faced down calls for his resignation that sparked heavy selling pressure on gilts in the previous session. The State Opening of […]

Read More
Jim O’Neill: 4 lessons the U.K. must learn from bond markets after gilts sell-off
World

Jim O’Neill: 4 lessons the U.K. must learn from bond markets after gilts sell-off

Alexander Spatari | Moment | Getty Images Britain faces among the highest borrowing costs of any developed nation — but bond markets offer 4 key lessons the government can embrace to remedy the issue, according to former U.K. Treasury minister Jim O’Neill. Speaking on CNBC’s Squawk Box Europe, the former economist and Goldman Sachs asset […]

Read More