Profit before income tax was $3.89m, down from $4.44m in 2023.

Facebook NZ also acted as a reseller of advertising services to local customers.

Total current liabilities were $53.7m, up from $36.5m in 2023.

The company’s financial assets, however, were up from $52.9m the year before last, to $73.6m.

In terms of cash flow, receipts from customers last year amounted to $188.4m compared to $196.6m the year before last.

According to the annual report, advertising reseller revenue last year was $5.25m, down from $6.13m in 2023.

Sales support and marketing services revenue was $2.34m, down from $2.99m the year before last.

The gross amount from advertising and services was $164.66m, up slightly from $163.56m the year before last.

Facebook NZ last year had $21.45m in cash and cash equivalents, up from $4.08m the year before last.

The company since January this year had taken part in an inter-company cash-pooling programme.

It said that involved the transfer of cash and/or bank overdrafts with another group company cash pooling entity.

Last week, Google NZ reported revenue of $87.2m for 2024, up from the previous year’s $84.3m.

It sent $1.05 billion in in-house service fees to Google’s US parent.

University of Auckland senior commercial law lecturer Victoria Plekhanova last week said Google was less transparent about financial reporting than some rivals.

“Unlike its other close competitors operating in New Zealand – Meta and Amazon – Google does not disclose the amount of revenue it receives from customers in New Zealand and only reports its resale commission,” she told the Herald.

Google NZ’s income tax was $4.4m, down from the $5.6m paid in 2024.

On Tuesday last week, Revenue Minister Simon Watts said the Government would dump the proposed Digital Services Tax Bill, which Labour had proposed in 2023.

The move followed retaliation threats from US President Donald Trump and claims about “overseas extortion” through such levies.

But Watts said the Government preferred a global solution to address taxation challenges posed by digitalisation.

“By focusing on a global solution, it will enable an agreed, consistent outcome across participating countries.”

He said the OECD was working on the issue.

Facebook NZ said the OECD had introduced “pillar two” model rules providing for a global minimum 15% tax on multinational firms with global turnover exceeding €750m ($1.43b).

The company said it had adopted the relevant international tax reform rules.

And it said it did not expect a potential material exposure to pillar two top-up taxes.