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All Posts Term: bermuda
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Tax Avoidance By Google Raises Concerns In Europe

Google 貼牌冰箱(Google Refrigerator)

Google 貼牌冰箱(Google Refrigerator) (Photo credit: Aray Chen)

Tax Avoidance By Google

In 2011, Google Inc. avoided some $2 billion of income tax payments by moving its revenues to a shell company in Bermuda. Google actually shifted almost $10 billion in profits from its overseas subsidiaries to Bermuda. Since Bermuda does not have corporate income taxes, Google benefited by cutting its tax rate by half.

However, this tax avoidance has not gone over well with Governments in both the United States and Europe, which are both struggling with huge deficits. Just recently, the governing body of the European Union requested its members to adopt rules for anti-abuse and to list tax havens for blacklisting.

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