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Google moved a whopping $22.7billion to a tax haven in Bermuda in 2017 to avoid paying foreign taxes, a new report reveals.
The move was made through a Dutch shell company called Google Netherlands Holdings BV, according to documents filed at the Dutch Chamber of Commerce.
The amount filed through was $4.5billion more than the amount in 2016.
Google employed an international tax evasion strategy known as ‘Double Irish, Dutch Sandwich’ that legally allowed companies channel their profits through an Irish company than through a Dutch one, then to another Irish subsidiary based in a place with no income taxes like Bermuda.
In 2017, Google moved $22.7billion to a tax haven in Bermuda to avoid paying taxes
The Dutch subsidiary moved the company’s royalities earned outside the U.S. to Google Ireland Holdings, an affiliate which is based in Bermuda, where companies pay no income tax.
The move allows Google to avoid paying U.S. income taxes and European withholding taxes on funds.
Google Netherlands Holdings BV paid $3.8million in taxes in the Netherlands in 2017, the documents showed, on a gross profit of 15.5 million.
‘We’ve paid a global effective tax rate of 26 percent over the last ten years. All foreign profits, including 2017 and prior, regardless of where they’re held, are subject to corporate tax in the United States,’ Google said in a statement to Fox Business.
Apple is another major tech company to also make the tax haven move to trim taxes.
However by 2020, it may be impossible to do so.
Under pressure from the European Union and the United States, Ireland in 2014 decided to phase out the arrangement, ending Google’s tax advantages in 2020.
The U.S. also lowered its corporate tax rate to 21 percent through the Tax Cuts and Jobs Act to try and prevent companies like Google from shifting profits overseas.
In June a total of 949 non-financial companies held $1.8trillion overseas.
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https://hienalouca.com/2019/01/04/google-shifted-23billion-to-tax-haven-in-bermuda-in-2017/
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