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.
-----------------------
READ MORE:
US investment in Ireland reaches record high
Google launches suicide prevention measures in Ireland
6 Comments
-
-
-
-
-
-
Switch to the desktop site to post a comment.rainbowbrew | Oct 10, 2011, 11:18 AM EDT
The catholic church has been doing this for centuries. they take from he poor and give to the vatican.
cillowen | Oct 09, 2011, 04:27 PM EDT
Eire, Irish Politicians - the lowest form of vermin that exists. In US of I repugs and re repugs are all for ripoffskis such as this
cillowen | Oct 09, 2011, 04:24 PM EDT
repugs and re repugs are all for ripoffskis such as this.
jamthecat | Oct 09, 2011, 12:19 PM EDT
No, Towngate, this is the kind of thing Republicans and Tea Partiers in the US want for America.
LoyalCitizen | Oct 09, 2011, 11:11 AM EDT
What Google might need to check out is that Irish Politicians have falsified the rule books of Ireland to allow the use of opinions, which means Google is still liable for any taxes. If Ireland gets a court system that works Google could get some pretty hefty penalties.
Towngate | Oct 09, 2011, 09:40 AM EDT
Is this the kind of thing Clinton and his cronies have in mind for Ireland?