- Target May Be Starting a Free-Shipping War
- Who is the Richest Person in Your State?
- MasterCard Introducing Fingerprint-Scanning Credit Card
- ‘Doctor’ Regularly Appearing on National TV is a Fake, Says Texas AG
- UPS Rates Set to Climb in 2015
- Bank With Citibank? You’re About to Pay a Lot More
- FTC: ‘Free’ Products Aren’t Free
- Apple Pay Begins: What You Need to Know
Bloomberg reveals the secret, if you haven’t guessed it…
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.
The article has a lot more to offer, including details of Google’s “Double Irish and Dutch Sandwich” tax strategy and an ongoing audit in Italy.