Today's Coming Crisis Movie

Sunday, December 23, 2012

Google sheltered almost $10bn in Bermuda last year

The accounts, seen by Bloomberg, show that Google shifted $9.8bn in revenues in 2011 into a Bermuda-based company.

The move, which is perfectly legal, meant the internet giant was able to slash its overall tax bill by almost 50pc, as the country doesn’t have a corporate income tax.

The increase in Google’s revenues routed to Bermuda, disclosed in the November 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading over corporate tax avoidance.