Google avoids tax on £10bn in UK
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Google avoids tax on £10bn in UK

Last Updated: Tuesday, December 11, 2012, 16:48
 
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Google avoids tax on £10bn in UK
London: Internet search giant Google avoided to pay tax in the UK on 10 billion pounds revenue last year by doubling the amount of money put into a shell company in Bermuda, it has emerged.

Google''s decision to move nearly 80 percent of its pre-tax profits to the company, which is not subject to corporation tax on the self governing British colony, saw the company slash its overall tax rate almost in half.

The firm therefore avoided more than one billion pounds in payments, the Daily Mail reports.

The rerouting of revenues to Bermuda came to light in documents filed in the Netherlands last month according to Bloomberg.

The latest news of the US-based tech firm’s legal attempt to avoid paying high levels of tax comes after British lawmakers recently criticised various companies for ''immorally'' minimising tax bills.

Google, which employs 2,000 people in the UK alone, claims that it abides by current tax laws and helps boost European economies by investing across the continent.

But the search engine has reportedly used similar so-called ''shelter tax strategies'', known as the Dutch Sandwich and Double Irish, to dodge paying billions in tax.

According to the paper, the firm said it paid just 3.2 percent tax on its overseas profits last year, despite corporations being charged up to 34 percent in many European countries.

ANI



First Published: Tuesday, December 11, 2012, 16:48


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