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  
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 | 11:33pm EDT

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
08:46aFACEBOOK : YouTube, Others Asked To Brief Congress On New Zealand Shooting Respo..
AQ
03/22GLOBAL MARKETS LIVE : Facebook, Levi’s, Nike, Standard Chartered…
03/22FACEBOOK : German minister on Facebook password glitch - Didn't expect such frig..
RE
03/22FACEBOOK : Hundreds of Millions of User Passwords Exposed to Facebook Employees
DJ
03/22FACEBOOK : admits to leaving millions of passwords unencrypted
AQ
03/22FACEBOOK : stored your password in plain text, exposed
AQ
03/22FACEBOOK : stored your password in plain text, exposed
AQ
03/21FACEBOOK : staff had access to hundreds of millions of passwords
AQ
03/21FACEBOOK : Hundreds of Millions of User Passwords Exposed to Facebook Employees
DJ
03/21SOCIAL MEDIA PAYMENTS : An ally or adversary of banks
AQ
More news
Financials ($)
Sales 2019 68 978 M
EBIT 2019 25 309 M
Net income 2019 22 195 M
Finance 2019 49 256 M
Yield 2019 -
P/E ratio 2019 21,87
P/E ratio 2020 18,67
EV / Sales 2019 6,09x
EV / Sales 2020 4,90x
Capitalization 469 B
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 195 $
Spread / Average Target 19%
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$)
FACEBOOK25.36%469 025
TWITTER14.89%25 321
MATCH GROUP INC34.56%16 036
LINE CORP2.70%8 326
SINA CORP10.25%4 128
DENA CO LTD-4.07%2 361