5 ms·

This is less attractive when you realize that all big companies will have a non-European subsidiary pay a non-European component of facebook for all their adver

This is less attractive when you realize that all big companies will have a non-European subsidiary pay a non-European component of facebook for all their advertising needs, which would hugely lower the revenue base that 4% is calculated from.

JimmyAustin 9y ago
It's 4% of worldwide revenue.
- deleted 9y ago
  [deleted]
- hueving 9y ago
  But an independent corporation wholly owned by Facebook would not have worldwide revenue.
  - JumpCrisscross 9y ago
    > an independent corporation wholly owned by Facebook would not have worldwide revenue Legal concepts like "beneficial ownership" [1] and the definition of an "affiliate" under U.S. securities law [2] deal with this. TL; DR When it comes to taxes, modern law isn't tricked by incorporated Russian dolls [3]. [1] https://en.wikipedia.org/wiki/Beneficial_ownership https://en.wikipedia.org/wiki/Beneficial_ownership [2] https://www.law.cornell.edu/cfr/text/17/230.405 https://www.law.cornell.edu/cfr/text/17/230.405 [3] https://en.wikipedia.org/wiki/Matryoshka_doll https://en.wikipedia.org/wiki/Matryoshka_doll
    - deleted 9y ago
      [deleted]
    - stevenwoo 9y ago
      Ireland was kind enough to leave a grace period for closing the double Irish tax loophole and give companies time to switch to a new tax loophole. https://www.irishtimes.com/business/economy/multinationals-turn-from-double-irish-to-single-malt-to-avoid-tax-in-ireland-1.3290649 https://www.irishtimes.com/business/economy/multinationals-t...
      - fenrisbear 9y ago
        Cooperations have had 2 years meeting GDPR requirements. If you're late to the party, which I think the majority businesses in and out of Europe are, means you have made other priorities. Question is whether or not how hard they hit when GDPR goes live 25th of May. That remains to be seen, but it wouldn't surprise me if there's a `grace` period.
  - SahAssar 9y ago
    Even if you could somehow hide that, the penalty is 4% of global revenue or 20 million euros, whichever is higher. So That's still a very high fine since it's per violation and I'm sure I'm not alone in that I will be sending facebook, google and many other data companies these requests as soon as the law takes effect.
- taneq 9y ago
  For the owning company/persons and all other companies they own?
- isostatic 9y ago
  Per case. 1 case per week and that's bankrupt in 6 months.

JimmyAustin 9y ago

It's 4% of worldwide revenue.

deleted 9y ago
[deleted]
hueving 9y ago
But an independent corporation wholly owned by Facebook would not have worldwide revenue.
- JumpCrisscross 9y ago
  > an independent corporation wholly owned by Facebook would not have worldwide revenue Legal concepts like "beneficial ownership" [1] and the definition of an "affiliate" under U.S. securities law [2] deal with this. TL; DR When it comes to taxes, modern law isn't tricked by incorporated Russian dolls [3]. [1] https://en.wikipedia.org/wiki/Beneficial_ownership https://en.wikipedia.org/wiki/Beneficial_ownership [2] https://www.law.cornell.edu/cfr/text/17/230.405 https://www.law.cornell.edu/cfr/text/17/230.405 [3] https://en.wikipedia.org/wiki/Matryoshka_doll https://en.wikipedia.org/wiki/Matryoshka_doll
  - deleted 9y ago
    [deleted]
  - stevenwoo 9y ago
    Ireland was kind enough to leave a grace period for closing the double Irish tax loophole and give companies time to switch to a new tax loophole. https://www.irishtimes.com/business/economy/multinationals-turn-from-double-irish-to-single-malt-to-avoid-tax-in-ireland-1.3290649 https://www.irishtimes.com/business/economy/multinationals-t...
    - fenrisbear 9y ago
      Cooperations have had 2 years meeting GDPR requirements. If you're late to the party, which I think the majority businesses in and out of Europe are, means you have made other priorities. Question is whether or not how hard they hit when GDPR goes live 25th of May. That remains to be seen, but it wouldn't surprise me if there's a `grace` period.
- SahAssar 9y ago
  Even if you could somehow hide that, the penalty is 4% of global revenue or 20 million euros, whichever is higher. So That's still a very high fine since it's per violation and I'm sure I'm not alone in that I will be sending facebook, google and many other data companies these requests as soon as the law takes effect.
taneq 9y ago
For the owning company/persons and all other companies they own?
isostatic 9y ago
Per case. 1 case per week and that's bankrupt in 6 months.