Story of the Day Index - Google 'proud' of tax avoidance

Google is 'proud of' its tax avoidance.

Web giant defends tax haven use It's been reported that Eric Schmidt, Google’s Chairman, defended his company’s tax avoidance strategy claiming he was “proud” of the steps it had taken to cut its tax bill. According to the Independent in an interview in New York he confirmed the company had no intention of paying more to the UK exchequer. Documents filed last month show that Google generated around £2.5 billion in UK sales last year but paid just £6m in corporation tax. The California-based search giant has also been revealed to have sheltered nearly $10bn of its revenues in Bermuda allowing it to avoid some $2bn in worldwide income taxes in 2011. Schmidt also implied state collusion saying, “I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate.”

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