Mark Zuckerberg defends philanthropic venture against tax avoidance claims

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Credit to: Corruption News : Mark Zuckerberg defends philanthropic venture against tax avoidance claims

Mark Zuckerberg has defended the structure of his new philanthropic organisation after critics suggested he was avoiding paying tax on the sale of his shares.

Zuckerberg and his wife Priscilla Chan launched the organisation, the Chan Zuckerberg Initiative, this week to honour the birth of their daughter, Max. The couple pledged to give away 99% of their Facebook shares in their lifetime, currently worth about $45bn (?30bn).

However, the philanthropy is structured not as a charity but as a limited liability corporation (LLC) with charitable aims. According to the Chan Zuckerberg Initiative?s Facebook page, the LLC seeks to ?advance human potential and promote equality?.

Interesting,
Wondering how Zuckerberg handle this