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What huge fines? The largest fine I can find on record is Apple being fined $14.8B for their tax scheme.
by actually_a_dog 4y ago
What huge fines? The largest fine I can find on record is Apple being fined $14.8B for their tax scheme.
- nonethewiser 4y agoWhich, of course, is a lathe US company. Not the ne of these small EU companies referenced. Of course, this is by design.
- rnhmjoj 4y agoGo to https://www.enforcementtracker.com/ https://www.enforcementtracker.com/ and select, say, Italy. There are plenty of multi millions € fines issued to national companies: ISPs, electric utilities, food delivery services and even city administrations.
- danaris 4y agoDid you ever think that maybe you're only hearing about US companies getting penalties because you're...in the US, reading US news?
- suddenclarity 4y agoMeta have been fined over a billion Euro last year alone due to GDPR. Maybe one can disagree about that being large but it's still a relatively new law showing a trend.
- actually_a_dog 4y agoYes, I disagree that fining a company with nearly $117 billion in revenue a billion euro is “large.” That’s “cost of doing business” money, not any kind of punishment or deterrent.
- Kbelicius 4y agoOf which profits are < 25$ billion. How much of that was generated within the EU?
- actually_a_dog 4y agoI don't see why that's relevant.
- Kbelicius 4y agoThen why did you put numbers in your first post if you don't find them relevant? You find local fine/global revenue somehow relevant but you don't find local fine/local profit or even local fine/local revenue relevant? Could you explain why?
- rnhmjoj 4y agoThis "cost of doing business" meme is becoming annoying. Collectively, Facebook, WhatsApp and Meta platforms have been fined in 2022 for $687 million by a single country alone, Ireland[1]. $117 billion was the global revenue, the revenue generated in Europe was $25.8 billion[2], so the fines amount to 2.6% of what they make by accessing the European markets. Also their net income was $23.2 billion, globally, so the fines from a single country made 3% of that. Do you still think it's a negligible cost? These costs are also going up: in January 2023 Ireland issued two more fines for $0.4 billion. [1]: You can check at https://www.enforcementtracker.com/ https://www.enforcementtracker.com/ [2]: https://www.statista.com/statistics/745351/facebooks-quarterly-revenue-in-europe/ https://www.statista.com/statistics/745351/facebooks-quarter...
- account42 4y ago> by a single country alone, Ireland[1]. Ireland's data privacy serves as Meta's main regulator in the European Union because the company's European headquarters are in Dublin. Making it out as if Ireland's GDPR fines are "just one country" is disingenuous.
- actually_a_dog 4y agoYes, ~1 billion from $177 billion in global revenue is a negligible cost.
- scyzoryk_xyz 4y agoIt’s not just the big companies. The tiny company I work at doesn’t even think about collecting data because everyone knows an inspection will look into it and impose fines if it’s not properly stored. Afaik If we would collect data, that would require advice from GDPR lawyers and other resources. So, GDPR doesn’t achieve the entire goal of killing it. It’s just a deterrent as I understand it.
- moremetadata 4y agoAnd its the govts that enable the tax havens, citing if they dont, some other govt will, ergo all govts are criminal in so many ways.