Google Ireland legally transfers profits to Bermuda tax haven
Google Ireland paid only $5.6 m in corporation tax for 2010, despite reporting more than $10bn turnover.
Most of Google's revenue is routed out of Ireland in a legal tax scheme known as the "Double Irish." The company reportedly transfers profits from the Irish business to a tax haven in Bermuda, which ensures that the company pays far less tax than it would normally do.
The "Double Irish" tax efficiency, which is completely legal, allows profits from a multi-national to be routed through Ireland to a tax haven without being liable for corporation tax in Ireland.
Accounts show that Google Ireland Limited made a pre-tax profit of €18.5m last year, nearly two-thirds less than in 2009.
After-tax profit fell to €1.7m compared to €30.2m in 2009 but turnover increased by €2.2bn to €10.1bn.
The rise in turnover was offset by an increase in administrative expenses, which rose from €5.5bn to €7.2bn.
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Anyone mention protection? Or is seanomelb, once again, showing off his 4th grade reading comprehension?Bill O’Reilly slams Nelson Mandela as an unrepentant “communist”
I thought that a person whose family retained the O', was one whose family did not "take the soup." Well, i see there is at least one, of whGay wedding cakes latest target of anti-gay bigots
If the rights of the minority are not protected who will protect the minority??Bah! Humbug! The ten worst things about Christmas (PHOTOS)
Proud Cabuck-Will wonders never cease! I agree with the Proud Canuck! I am not a religious person, but I never try to impose my personal beliefs on ot