Report: Google Lowered 2015 Taxes By $3.6B
Internet giant Google ”saved $3.6 billion in worldwide taxes in 2015 by moving $15.5 billion to a Bermuda shell company,” according to a report by Bloomberg.
The story said “Alphabet Inc.’s Google saved $3.6 billion in worldwide taxes in 2015 by moving 14.9 billion euros [$15.5 billion] to a Bermuda shell company, new regulatory filings in the Netherlands reveal.
“The amount the company shifted through its Dutch subsidiary, Google Netherlands Holdings BV, and then on to a Bermuda mailbox was 40 percent greater than in 2014,according to filings the company made with the Dutch Chamber of Commerce on Dec. 12 and which were made available online Tuesday. News of the filings was first reported by the Dutch newspaper Het Financieele Dagblad.
“Alphabet moves the bulk of its non-U.S. profits through this Dutch subsidiary, which has no employees. The company has used the Netherlands company since 2004 as part of a tax structure dubbed a “Double Irish” and a “Dutch sandwich.”
“By moving most of its international profits to Bermuda, the company was able to reduce its effective tax rate outside the U.S. to 6.4 percent in 2015, according to Alphabet’s filings with the U.S. Securities and Exchange Commission.
“Google complies with the tax laws in every country where we operate,” a Google spokesman said in a statement.
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