Google Shifts A Record $10B To Bermuda Firm, Avoids Billions In Tax

[Spartan]

Bloomberg has uncovered new financial filings by a Google subsidiary in the Netherlands, showing that the company avoided $2 billion in worldwide taxes in 2011 by moving $9.8 billion to a Bermuda-based shell company.
The news organization has been conducting extensive investigations into the world of shady—albeit legal—financial wheelings and dealings for some years now. It said this new total had doubled over the last three years.
As we reported last month, by using a technique known as the “Double Irish” and the “Dutch Sandwich,” Google and many other large companies can (and do) legally move money to where their tax rate is zero. This allows them to avoid double-digit corporate tax rates in most countries.

As this technique becomes better understood, particularly in the halls of government, Google and others face new pressure from lawmakers. One British MP recently [url="http://www.guardian.co.uk/business/2012/nov/12/amazon-google-starbucks-diverting-uk-profits"]chided[/url] a top Google official for the practice, calling it “immoral.”
[b] Ire of the Irish[/b]

Similarly, an investigation by the [i]Sunday Independent[/i] in Ireland found Google has avoided similar levels of tax there, too. The newspaper found that Google Ireland “paid a puny 0.14 per cent tax on sales of over €47 billion ($61.5 billion) in seven years.”

“While people reel in the aftermath of another austerity budget, entirely legal accounting magic allowed the multibillion-earning multinational to pay fractional tax to the Irish Exchequer,” the newspaper reported Sunday.
“On turnover of €47.44 billion ($62.1 billion), Google Ireland paid total tax of €69.91 million ($91.5 million) between 2005 and 2011. And in spite of its massive earnings, profit before tax during that period is an astonishingly small €114 million ($149.3 million).”

To be fair, Google maintains that it complies with all tax laws—a fact no one is denying.
"We make a big contribution to the Irish economy by employing around 2,500 people in our European HQ in Dublin, helping hundreds of thousands of businesses to grow online, and we've invested €75 million in our recently opened data center and another €226.9 million in the acquisition of three office buildings in Dublin in 2011 alone,” a spokesperson told the Irish newspaper.
"We have an obligation to our shareholders to run our business efficiently and we comply with all the tax rules in Ireland."

[tom bhayya]

:0

[aragorn]

who cares as long as its legal, vallu tax laws valake ardam kala inka google dhi emi peekutharu - every1 shld follow canada's tax laws - doola therapothadhi - simple n high tax rates

[Spartan]

[quote name='aragorn' timestamp='1355184951' post='1302928258']
who cares as long as its legal, vallu tax laws valake ardam kala inka google dhi emi peekutharu - every1 shld follow canada's tax laws - doola therapothadhi - simple n high tax rates
[/quote]


common wealth countries anni ante...even UK..45% flat tax for everyone..

provided..the country takes care of entire Education and Medical expenses for each and every person....