Google moved nearly 20 billion to Bermuda in 2017: Report

THE HAGUE: US web massive Google used a felony mechanism to switch nearly 20 billion euros from the Netherlands to Bermuda in 2017 for tax functions, a Dutch newspaper document stated on Friday.

Google, which is owned by way of US dad or mum corporate Alphabet, moved 19.nine billion euros ($22.7 billion) with a tax evasion technique dubbed “Double Irish, Dutch Sandwich”, in line with 2018 monetary paperwork cited by way of the monetary day by day FD.

The method is composed of transferring revenues from an Irish subsidiary to a Dutch shell corporate, which transfers the budget to some other Irish subsidiary primarily based in Bermuda, the place it will pay no source of revenue tax. Google’s switch for 2017 used to be about 4 billion euros greater than in comparison to 2016, in line with annual accounts filed by way of Google Netherlands Conserving with the Dutch chamber of trade on the finish of ultimate 12 months.

“We pay the entire taxes due and conform to the tax regulations in each nation we function in all over the world,” Google stated in observation. “Google, like different multinational corporations, will pay the majority of its company source of revenue tax in its house nation, and we’ve paid a world efficient tax charge of 26% during the last ten years.”

Apple, Fb and Amazon have additionally been singled out for classy use of fiscal loopholes to pay as little tax as conceivable.

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