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Mon Dec 10, 2012, 09:39 AM

Google 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.html

Google 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 doesn’t 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 Google’s total pretax profit in 2011.

The increase in Google’s 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 Google’s tax avoidance as they seek to boost revenue during economic doldrums.

Last week, the European Union’s 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 EC’s commissioner for taxation, said at a press conference in Brussels.

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Reply Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion (Original post)
xchrom Dec 2012 OP
aquart Dec 2012 #1
xchrom Dec 2012 #2
AnotherMcIntosh Dec 2012 #3
denverbill Dec 2012 #4

Response to xchrom (Original post)

Mon Dec 10, 2012, 09:47 AM

1. Eat them.

No excuse for this.

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Response to aquart (Reply #1)

Mon Dec 10, 2012, 09:48 AM

2. +1

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Response to xchrom (Original post)

Mon Dec 10, 2012, 09:53 AM

3. "could fuel the outrage ... over corporate tax dodging" -- What are the odds that "our" politicians

 

will not be outraged.

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Response to xchrom (Original post)

Mon Dec 10, 2012, 09:56 AM

4. I'm thinking it's about time to email Google of my intent to change search engines.n/t

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