ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Titan shares rally over 7%; what makes brokerages bullish on Tata Group stock post Q1 business update? Check target prices
  • Stocks to buy: Sanjiv Bhasin picks Exide, GNFC for gains today; here's why
  • IRCTC to launch many trains on 'Bharat Gaurav' theme soon; tour duration, package cost and more- All you need to know
  • Government restricts exports of flour, other derivatives from July 12
  • Skoda Auto Volkswagen India logs highest-ever H1 sales in India with 52,698 units
Read in App
Business News » World News

Google shifted $23 billion to tax haven Bermuda in 2017 - filing

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce.

The amount channelled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed.

"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 a 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."

For more than a decade the arrangement has allowed Google owner Alphabet to enjoy an effective tax rate in the single digits on its non-U.S. profits, around a quarter the average tax rate in its overseas markets.

The subsidiary in the Netherlands is used to shift revenue from royalties earned outside the United States to Google Ireland Holdings, an affiliate based in Bermuda, where companies pay no income tax.

The tax strategy, known as the "Double Irish, Dutch Sandwich", is legal and allows Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.

However, under pressure from the European Union and the United States, Ireland in 2014 decided to phase out the arrangement, ending Google`s tax advantages in 2020.

Google Netherlands Holdings BV paid 3.4 million euros in taxes in the Netherlands in 2017, the documents showed, on a gross profit of 13.6 million euros.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Fri, Jan 04, 2019
12:15 am
Reuters
RELATED NEWS
Government notifies procedural changes in GST rules - details here Government notifies procedural changes in GST rules - details here
PM Modi inaugurates Digital India Week, hails technology for its role in the pandemic PM Modi inaugurates Digital India Week, hails technology for its role in the pandemic
Pricing flexibility, lower credit cost to help revive NBFC-MFIs profitability this fiscal: Report Pricing flexibility, lower credit cost to help revive NBFC-MFIs profitability this fiscal: Report
Crisil cuts FY23 GDP growth estimate to 7.3% Crisil cuts FY23 GDP growth estimate to 7.3%
US stocks see worst first half drop in over 50 years US stocks see worst first half drop in over 50 years

LATEST NEWS

Aviation Ministry issues draft notification for changes in aircraft rules - All you need to know

New COVID-19 Omicron sub-variant BA.2.75 detected in countries like India: WHO

Introducing IMDDXB - the best partner to boost your career

UK's Boris Johnson will resign, BBC reports

Cos with over Rs 5 cr annual turnover will soon have to generate GST e-invoices for B2B transactions: Official

Gold Price Outlook: Yellow metal on slippery ground; experts give intraday trading strategy, outlook

Digital India Week 2022: Metaverse to be next big thing after internet, says Meta’s Head of Public Policy

Covid Update: Active Covid-19 cases in country rise to 1,19,457; death toll climb to 5,25,305

Government notifies procedural changes in GST rules - details here

Gold Price Today: Yellow metal firm as dollar rally pauses; check gold rate in your city

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV