Google's Eric Schmidt has made remarks to the BBC recently, in which he has stated that he was comfortable with Google's tax avoidance practices and that he would defend the company's actions.
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Tax avoidance RSS
A major EU meeting next week proposes new taxes on major tech firms such as Microsoft, Google and Apple. A short-term plan and a bigger overhaul are expected to have a big impact on profits.
The search engine giant has, in the past, used two methods ("Double Irish" and "Dutch Sandwich") to protect its international profits from taxation. This move saved Google over $3 billion in taxes.
Facebook has announced that it will record ad revenues in the countries where they were sold instead of in Dublin at the company's international headquarters. Experts remain skeptical, though.
After handing down its findings a little over a year ago, the European Commission deemed that Apple's arrangement with Ireland required it to repay taxes. Apple has now agreed to pay back €13 billion.
The recent Paradise Papers leak has revealed some interesting details about the dealings by corporations and diplomats alike, with Apple's murky tax practices coming to light as well.
Eric Schmidt, Google's executive chairman, has come out in support of Google's tax avoidance practises in an interview with the BBC. In 2011, Google made £395m in the U.K and paid just £6m in tax.
Microsoft owes the Danish government $1 billion in tax from their $1.3 billion purchase of Navision, later rebranded Microsoft Dynamics NAV. Navision nets Microsoft $1.8 billion in revenue annually.
It has been revealed that Facebook will get a refund of $500 million on tax payments, despite making $1.1 billion profit in 2012, according to a report by the Citizens for Tax Justice.