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

Posted by msmash on Thursday January 3, 2019 @07:40AM from the how-about-that dept.

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.

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Re: good thing they created all those new jobs by magarity · 2019-01-03 10:12 · Score: 5, Interesting

Tax dodging. Define it as incorporating (directly or indirectly via a parent/holding/etc. corporation) in a nation in which the CxOs, board members, etc. and their immediate families do not physically reside for at least 51% of the year or in which they do not claim citizenship
No matter how smart you are in thinking you can close up the loopholes there are armies of accountants and lawyers who are WAAAY smarter and can figure out a way around it.
Meet Joe Islander. He has lived on the island his entire life where he is an aspiring surfer. He is our new CEO and his salary is a company-paid-for beachside house and fishing boat. Please address all high level corporate decision making to our former CEO and new executive ultra president Mr Big back in New York.
Etc, etc.