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Keyword: richcorporations

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  • Google saves $2B in taxes by sheltering $10B in revenue in Bermuda

    12/10/2012 9:18:06 AM PST · by Obadiah · 16 replies
    CNET ^ | 12/10/2012 | Shara Tibken
    Google avoided about $2 billion in global income taxes last year by shifting $9.8 billion in revenue into a Bermuda shell company, Bloomberg reported. That level is almost double the total from three years ago, Bloomberg said, citing a Nov. 21 regulatory filing by a Google subsidiary in the Netherlands. And it allowed Google to cut its overall tax rate almost in half. Google's action -- moving about 80 percent of its total pretax profit from 2011 to tax-free Bermuda -- isn't illegal. On the contrary, many companies have taken similar steps in recent years to avoid paying steep taxes....