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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoogle Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion
http://www.bloomberg.com/news/2012-12-10/google-revenues-sheltered-in-no-tax-bermuda-soar-to-10-billion.htmlGoogle Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.
By legally funneling profits from overseas subsidiaries into Bermuda, which doesnt have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Googles total pretax profit in 2011.
The increase in Googles revenues routed to Bermuda, disclosed in a Nov. 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the U.S. over corporate tax dodging. Governments in France, the U.K., Italy and Australia are probing Googles tax avoidance as they seek to boost revenue during economic doldrums.
Last week, the European Unions executive body, the European Commission, advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU 1 trillion euros ($1.3 trillion) a year, are scandalous and an attack on the fundamental principle of fairness, Algirdas Semeta, the ECs commissioner for taxation, said at a press conference in Brussels.
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Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion (Original Post)
xchrom
Dec 2012
OP
"could fuel the outrage ... over corporate tax dodging" -- What are the odds that "our" politicians
AnotherMcIntosh
Dec 2012
#3
I'm thinking it's about time to email Google of my intent to change search engines.n/t
denverbill
Dec 2012
#4
aquart
(69,014 posts)1. Eat them.
No excuse for this.
AnotherMcIntosh
(11,064 posts)3. "could fuel the outrage ... over corporate tax dodging" -- What are the odds that "our" politicians
will not be outraged.
denverbill
(11,489 posts)4. I'm thinking it's about time to email Google of my intent to change search engines.n/t