Google (GOOG) Skirts Larger Overseas Tax Liability with Bermuda Shelter
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The 'scenery haven' in Bermuda is also accommodating
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Google, Inc. (Nasdaq: GOOG) is ticking higher Monday as the search giant is said to be shifting more and more money in tax-haven Bermuda. Bloomberg-sourced data from a regulatory filing in the Netherlands has Google moving $9.8 billion into a Bermuda shell company, avoiding about $2 billion worth of taxes in the process.
Bermuda doesn't have a corporate income tax, meaning Google moving its overseas profits and avoid excess taxes was legal. In total, Google sliced its potential tax liability in half.
Additionally, filings show that the fund shift doubled from the same level three years ago.
Google said it complies with all tax rules. Last year, it paid a corporate tax rate of 3.2 percent on overseas profits, areas with corporate tax rates of 26 percent to 34 percent.
The European Commission says that similar tax moves by larger corporations cost member states about $1.3 trillion per year.
Google is up 0.6 percent on the session.
Bermuda doesn't have a corporate income tax, meaning Google moving its overseas profits and avoid excess taxes was legal. In total, Google sliced its potential tax liability in half.
Additionally, filings show that the fund shift doubled from the same level three years ago.
Google said it complies with all tax rules. Last year, it paid a corporate tax rate of 3.2 percent on overseas profits, areas with corporate tax rates of 26 percent to 34 percent.
The European Commission says that similar tax moves by larger corporations cost member states about $1.3 trillion per year.
Google is up 0.6 percent on the session.
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