 |
| FILE PHOTO: An illuminated Google logo is seen inside an office building in Zurich, Switzerland |
Source: Reuters
AMSTERDAM (Reuters) - 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.
“We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” Google said in a statement.
“Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 percent over the last ten years.”
For more than a decade the arrangement has allowed Google owner Alphabet (GOOGL.O) 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.
The tax strategy, known as the “Double Irish, Dutch Sandwich”, is legal and allows Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.
Published: January 3, 2019
By: Arnd Wiegmann
The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed.
“We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” Google said in a statement.
“Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 percent over the last ten years.”
For more than a decade the arrangement has allowed Google owner Alphabet (GOOGL.O) 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.
The tax strategy, known as the “Double Irish, Dutch Sandwich”, is legal and allows Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.
* * * * *
Other Related Topics...
REPORT: YouTube Secretly Using SPLC to Police Videos - Video, Links, and Commentary Included
GROSS CONFLICTS OF INTERESTS - CDC is Basically a Vaccine Company, Owning 56 Vaccines; Yet Regulates Vaccine Standards
IRS Caught Targeting of Conservative Groups - Past Disclosures and Present-Day Significance
SCIENCE FOR SALE: Shocking Emails Reveal Editor of Food Science Journal was Secretly on Monsanto’s Payroll at $400 Per Hour
SILENCE! Twitter, YouTube Scrubbing All Content and Banning All Users Who Question the Official Narrative on the Florida School Shooting
Facebook Censors Ads for 'Above Majestic' Documentary; Claims Film Violates 'Issues of National Importance'
Banned Alternative Media Speaks Out after Mass Facebook Purge - Article and Commentary
Fighting Fake News: Back Door Trick to Enact Censorship
Discerning the Mystery is a website dedicated to awakening and educating the people to their true potential of mental, spiritual, emotional, and physical growth. It can be difficult work, but if just one person benefits from these efforts, it is entirely worth it.
If you enjoy what you read here, please give the post a like and share on social media. Also, if you enjoyed this article, please consider leaving a donation.
If you enjoy what you read here, please give the post a like and share on social media. Also, if you enjoyed this article, please consider leaving a donation.
Feel free to send us an email and tell us what you think. If you have any suggestions or subjects you would like to see discussed, please let us know.
Thank you for your support.
No comments:
Post a Comment