Saverin Says He Intends To Pay All Taxes He Owes On US Investments

Posted on May 17 2012 - 7:37pm by Editorial Staff

The big chunk, social giant’s co-founder whose initial $30,000 investment turning into $3 billion once the Facebook goes public, the latest new to bring is that Eduardo Saverin  says he intends to pay all taxes he owes on US investments, despite renouncing US citizenship. Earlier we reported that U.S. government does not want him to get away without paying $67 million. Senators Charles Schumer and Bob Casey are expected to announce a plan they have to re-impose the taxes on Saverin, who give up citizenship in order to avoid taxes.

Story started last week that Facebook co-founder Eduardo Saverin had renounced his U.S. citizenship as per an internal revenue service reports. But the real reasons for Saverin’s move may have to do with more than taxes, according to publications Time and the Wall Street Journal, Saverin renounced his citizenship way back in September of last year, and now lives in Singapore, which doesn’t levy a capital gains tax. Over which Saverin said that he is not a tax expert.

(Image Source: Main)

About the Author
Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.