Story of the Day Index - Google scale avoidance

Google income hidden in Bermuda rises to $10 billion - #taxjustice

Google income hidden in Bermuda rises to $10 billion According to an article published on the Bloomberg website yesterday, Google Inc . avoided approximately $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company. This was almost double the total from three years before. This legal funnelling of profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, allowed Google to cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pre-tax profit in 2011. The information was released in the company's November filing by a Netherlands subsidiary. A week earlier the European Union’s executive body, the European Commission, advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidanc...

Full article: http://www.ethicalconsumer.org/corporatenews/storyoftheda...