[olympus]

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]

It's 4% of worldwide revenue.

[isostatic]

Per case. 1 case per week and that's bankrupt in 6 months.

[hueving]

But an independent corporation wholly owned by Facebook would not have worldwide revenue.

[JumpCrisscross]

> 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

[2] https://www.law.cornell.edu/cfr/text/17/230.405

[3] https://en.wikipedia.org/wiki/Matryoshka_doll

[stevenwoo]

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-t...

[fenrisbear]

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]

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]

For the owning company/persons and all other companies they own?