Google saved billions in tax by moving profits around jurisdictions in 2016
London
ALPHABET'S Google moved 15.9 billion euros (S$25.48 billion) to a Bermuda shell company in 2016, regulatory filings in the Netherlands show - saving the company billions of dollars in taxes that year.
Google uses two structures, known as a "Double Irish" and a "Dutch Sandwich", to shield the majority of its international profits from taxation. The set-up involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, and then on to a Bermuda mailbox owned by another Ireland-registered company.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think