Pre-tax profits at the Dublin based company last year increased 18 fold to €17.85 million
Image: Shutterstock THE IRISH DATA Protection Commission has indicated “a preliminary range of fines” to be imposed on the Irish arm of social media giant, TikTok concerning its investigation into how TikTok processes children’s data.
The Dublin based business provides services related to content moderation, data controlling of TikTok in Europe and sales, marketing and routine support to other TikTok entities. Referring to the draft decision issued by the DPC, a note attached to the accounts concerning ‘contingent liabilities’ states that the DPC has “indicated a preliminary range of fines”.
“However, the timing and the amount of the settlement outflow are still subject to uncertainties. It is impracticable for the company to estimate the potential financial impact, so no provision has been made.”The note refers to other regulator investigations and adds that “the provisions for fines arising on any of the above matters will be remunerated by the company’s parent under an intercompany service agreement, if any”.
The business has plans for further expansion here with the directors stating that in 2023, “the company expects to establish its European data centre operations in Ireland to store EEA & UK TikTok user data”. The Dublin firm generates all of its revenues from the UK. The directors state that “the company has performed in line with expectations”.
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