Meta Platforms could have $925M tax bill from Italy after assessment
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Meta Platforms (NASDAQ:META) is the subject of an assessment from the Italian government, with the European nation potentially levying a $925M tax bill on the tech giant.
An initial audit claimed that Meta's user registrations may have been a taxable event, given the potential implications of a non-monetary exchange of membership for personal data, Reuters reported.
The audit was put forth by Italy's Guardia di Finanza. It was then handed over to the European Public Prosecutor's Office and a criminal investigation was opened by Milan magistrates, the news outlet added.
Meta did not immediately respond to a request for comment from Seeking Alpha.
The European prosecutor's office is waiting for the Italian case to be resolved before it decides to pursue the matter in other countries in the E.U., a source told the news outlet.
The judgement involves the highest ranking Italian tax officials, Reuters added, citing a source with knowledge of the matter.
Meta (META) and the Italian tax agency have continued to discuss the matter and the assessment is expected to end this year, with Meta either accepting the outcome or a lawsuit as the outcome.
Meta (META) shares were fractionally lower in pre-market trading on Wednesday.
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