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#1 Jan-03-2019 15:26:52

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From: USA
Registered: Jan-02-2019
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Google shifts $23b to Bermuda in 2017 to reduce foreign tax bill

?m=02&d=20190103&t=2&i=1341759143&r=LYNXNPEF020XZ&w=600

Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce.

The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed.

The tax strategy, known as the “Double Irish, Dutch Sandwich”, is legal and allows Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.

For more than a decade the arrangement has allowed Google owner Alphabet (GOOGL.O) to enjoy an effective tax rate in the single digits on its non-U.S. profits, around a quarter the average tax rate in its overseas markets.

Google said in a statement, "We pay all of the taxes due and comply with the tax laws in every country we operate in around the world."

More at https://www.reuters.com/article/us-goog … SKCN1OX1G9


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