No, it’s not solely for taxes, they use those SPVs to protect their debt rating, they can raise debt via a vehicle they control without having to add it to their balance sheet. It’s exactly what meta has been doing. They want to avoid being the next oracle.

As far as I’m aware it’s all legal, but also shady and doesn't inspire confidence. You wouldn’t be trying to obfuscate your debts if you didn’t think transparency to your investors would make you look bad