Google cut its taxes by $US3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.Google’s income shifting – involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” – helped reduce its overseas tax rate to 2.4 per cent, the lowest of the top five US technology companies by market capitalisation, according to regulatory filings in six countries.
http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html
http://www.theage.com.au/technology/technology-news/googles-31-billion-tax-haven-loophole-20101022-16wf8.html
http://www.smh.com.au/technology/technology-news/googles-31-billion-tax-haven-loophole-20101022-16wf8.htmlAlso see:Google under fire for using tax loopholes to save $3bn
Google, the internet giant which makes profits at a rate of $1m every hour, is shielding billions of dollars from tax across the world by using complex financial structures known in the industry as “the Double Irish” and “the Dutch Sandwich”.The tax-avoidance measures were revealed yesterday, forcing the search engine pioneer once again to defend itself in the light of its corporate motto: “Don’t be evil”.
http://www.independent.co.uk/news/business/news/google-under-fire-for-using-tax-loopholes-to-save-3bn-2113290.html
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes
Google cut its taxes by $US3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.