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Meta stock reaction to Italian VAT case resolution within a month?
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Story
Italian Prosecutors Conclude Probe into Meta for Alleged $938M VAT Evasion Over 2015-2021
Dec 9, 2024, 04:01 PM
Italian prosecutors have concluded their investigation into Meta Platforms Inc., alleging that the company evaded approximately €888 million ($938 million) in Value Added Tax (VAT) from 2015 to 2021. The investigation, which has now been closed, accuses Meta of failing to declare €4 billion in taxable income over the period. The Milan Public Prosecutor's Office suspects that Meta's legal representatives committed the crime of 'omission of declaration' to avoid paying the VAT. The case involves two Meta executives, and the company is now facing potential legal action over the alleged tax evasion.
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