Google saved $3.7bn in tax using Bermuda, according to Bloomberg
French President Emmanuel Macron slams the US tech giants as the ‘freeloaders of the modern world’
The Hague — Google moved €15.9bn ($19.2bn) to a Bermuda shell company in 2016, saving it billions of dollars in taxes that year, Bloomberg reported on Wednesday, quoting regulatory filings in the Netherlands. Google uses two structures, known as a "Double Irish" and a "Dutch Sandwich", to shield the majority of its international profits from taxation, Bloomberg reported. "The set-up involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, then on to a Bermuda mailbox owned by another Ireland-registered company," it said. The amount of money Google moved through this tax structure in 2016 was 7% higher than the year before, according to company filings with the Dutch chamber of commerce dated December 22 and which were made available online Tuesday.
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