Google Shifted $23 Billion To Tax Haven Bermuda in 2017, Filing Shows (reuters.com)

schwit1 shares a report: Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce. The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed. For more than a decade the arrangement has allowed Google owner Alphabet to enjoy an effective tax rate in the single digits on its non-U.S. profits, around a quarter the average tax rate in its overseas markets. The subsidiary in the Netherlands is used to shift revenue from royalties earned outside the United States to Google Ireland Holdings, an affiliate based in Bermuda, where companies pay no income tax.

Comments

Re:Progressive about your life

[datavirtue]

All progressive dogma always falls away when it hits home. I knew a hardcore liberal pacifist that came storming to my house one night to borrow one of my guns because he got into some shit with his girlfriend's ex-husband. He foresaw himself shooting this guy because he was so pissed at him, not because he was in fear for his life. Of course I did the responsible thing and gave him a shotgun and some skeet shells.