Google moved almost 20 bn euros to Bermuda in 2017: report

January 4, 2019
Google moved 19.9 billion euros ($22.7 billion) with a tax evasion strategy dubbed "Double Irish, Dutch Sandwich", according to Dutch media

US internet giant Google used a legal mechanism to transfer almost 20 billion euros from the Netherlands to Bermuda in 2017 for tax purposes, a Dutch newspaper report said Friday.

Google, which is owned by US parent company Alphabet, moved 19.9 billion euros ($22.7 billion) with a tax evasion strategy dubbed "Double Irish, Dutch Sandwich", according to 2018 financial documents cited by the financial daily FD.

The technique consists of shifting revenues from an Irish subsidiary to a Dutch shell , which transfers the funds to another Irish subsidiary based in Bermuda, where it pays no income tax.

Google's transfer for 2017 was about four billion euros more than compared to 2016, based on annual accounts filed by Google Netherlands Holding with the Dutch chamber of commerce at the end of last year.

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

"Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 percent over the last ten years," it added.

Apple, Facebook and Amazon have also been singled out for sophisticated use of fiscal loopholes to pay as little tax as possible. In Europe, they often benefit from advantageous rates in Ireland and Luxembourg.

Explore further: France says Google would lose court case over taxes

Related Stories

'French to make 1 bn euro tax claim against Google'

February 4, 2014

French authorities have decided to make a tax claim of 1 billion euros against Google following a probe into the tax strategies by the US Internet giant, Le Point magazine reported Tuesday.

Google loses appeal against French tax searches

November 2, 2012

A Paris appeals court has rejected a request by Internet search giant Google to invalidate the search and seizure of documents by French tax authorities, according to a copy of the decision obtained by AFP on Friday.

Google pays its taxes, senior Europe executive insists

July 1, 2016

Google pays taxes in every country where it has a presence, the multinational tech giant's Europe vice president Carlo d'Asaro Biondo said Friday as the company faces a raft of fiscal probes across the continent

Recommended for you

Privacy becomes a selling point at tech show

January 7, 2019

Apple is not among the exhibitors at the 2019 Consumer Electronics Show, but that didn't prevent the iPhone maker from sending a message to attendees on a large billboard.

China's Huawei unveils chip for global big data market

January 7, 2019

Huawei Technologies Ltd. showed off a new processor chip for data centers and cloud computing Monday, expanding into new and growing markets despite Western warnings the company might be a security risk.

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

rrwillsj
5 / 5 (1) Jan 05, 2019
Surprise?

Anyone?

Anyone want to pretend they are surprised by these skallywagging shenanigans?

Anyone?

Can you say it with a straight-face? & not break down laughing hysterically?

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.