Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

FACEBOOK (FB)
My previous session
Most popular
  Report  
Real-time Quote. Real-time Cboe BZX - 01/17 11:10:00 am
148.98 USD   +0.98%
01/15FACEBOOK : India Wants Access to Encrypted WhatsApp Messages
DJ
01/10Investors ask how the Bezos divorce will affect Amazon
RE
01/09New York's iconic Chrysler Building put up for sale
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Facebook : is accused of violating Vietnamese laws

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 10:33pm EST

The latest announcement of the Ministry of Information and Communications' (MIC) Authority of Broadcasting and Electronic Information (ABEI) stated that Facebook has been seriously violating Vietnamese laws related to information management, tax, and advertising.

The Vietnamese authority has made an official accusation against Facebook. Source: dantri.com.vn

According to deputy director of ABEI Le Quang Tu Do, Facebook has allowed its advertisers to run a large number of illegal advertisements, including anti-state propaganda, prostitution, and illegal alcohol trading, among others.

Facebook currently allows users to buy advertisements on its platform to bring their messages to target customers, for diverse purposes. Of course, the terms of the advertising contracts do not include obeying Vietnamese laws.

While it remains unclear what action will follow, this is the first official announcement to this effect. An official announcement by a government agency will likely be answered by the relevant government bodies, be it the tax authorities or the related law enforcement bodies, which suggests redoubled efforts to bring Facebook under stricter control.

2018 also saw Pepsico Vietnam as the latest victim of fake news spreading on Facebook. According to Pepsico Vietnam’s sources cited by dantri.com.vn, the Facebook account of Nguyen Minh Tuan posted a status that his kidney failure was a result of him drinking three bottles of Pepsico energy drink Sting every day. The fake information quickly spread on the social network, gathering 65,114 shares and 93,600 views within six days.

Later on, a legal company on behalf of Pepsico Vietnam sent notices to the Ho Chi Minh City Department of Information and Communications and Facebook with evidence proving that the status was false. However, it was not for another seven days that Facebook removed the offending post.

Along with the violations, Facebook has “forgotten” its obligation to pay tax to the Vietnamese government for many years. According to the Ministry of Finance (MoF)’s report, in 2016-2017, Facebook and Google only paid VND120 billion ($5.28 million) in taxes in Vietnam. This number is dwarfed by Facebook’s average revenue of $235 million in the country, according to the Ministry of Information and Communications.

The fact that Facebook has no representative office in Vietnam has made it difficult for local authorities to collect their due from the tech giant, despite the fact that the Law on Cybersecurity has come into force since the beginning of this year.

Not only Vietnam, but also many countries across the world have made strong attempts to collect taxes from Facebook and other tech companies like Google and Amazon.

Over the past few years, the European Commission (EC) has been playing a cat-and-mouse game with Facebook and Google, trying to corner them into paying tax. The EC is currently planning to issue a new tax worth $5.0 billion per year on Facebook, Google, and Amazon.

According to the UK’s The Guardian, the growing dominance of digital companies is a long-standing threat to Europe’s tax base, while also sparking questions of fairness. The EC estimates that digital businesses pay an effective average tax rate of only 9.5 per cent, compared with the 23.2 per cent for brick-and-mortar companies.

(c) 2019 Vietnam Investment Review Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on FACEBOOK
10:56aFACEBOOK : blocks accounts linked to Russian state-owned Sputnik
AQ
10:35aWall Street shrugs off weak start to hold at one-month high
RE
08:43aFACEBOOK : Pulls More Russia-Linked Accounts -- Update
DJ
07:52aFACEBOOK : eliminates hundreds of suspicious Russia-linked accounts, pages
AQ
07:29aFACEBOOK : Pulls More Russia-Linked Accounts
DJ
04:14aFACEBOOK : Removing Coordinated Inauthentic Behavior from Russia
PU
01/16FACEBOOK : to Impose Stricter Election Ad Rules in Different Nations in 2019 -- ..
DJ
01/16FACEBOOK : You Quit Facebook, Now You Don't Know Anyone's Birthday
DJ
01/16FACEBOOK : Exclusive - Facebook brings stricter ads rules to countries with big ..
RE
01/16FACEBOOK : to invest $300m
AQ
More news
Financials ($)
Sales 2018 55 357 M
EBIT 2018 24 510 M
Net income 2018 21 725 M
Finance 2018 40 906 M
Yield 2018 -
P/E ratio 2018 19,99
P/E ratio 2019 19,85
EV / Sales 2018 6,92x
EV / Sales 2019 5,44x
Capitalization 424 B
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 50
Average target price 185 $
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK12.55%423 999
TWITTER12.98%24 718
MATCH GROUP INC7.97%12 842
LINE CORP7.96%8 833
SINA CORP10.10%4 221
DENA CO LTD6.80%2 653