Google Avoided $3.1 Billion in Overseas Taxes Over the Past Three Years
Report: Used loopholes to move money through Ireland, Bermuda
Google Inc. cut its taxes by $3.1 billion in the last three years using loopholes and shelters, according to Bloomberg News.
Using strategies that lawyers call the "Double Irish" and the "Dutch Sandwich," it moved most of its foreign profits through Ireland and the Netherlands to Bermuda, according to the report.
This shifting of money helped cut the Internet giant's overseas tax rate to just 2.4%, the lowest of the top five U.S. technology companies by market capitalization, Bloomberg said, citing regulatory filings in six countries.
The company's U.S. corporate income tax rate is 35%.
"Google’s practices are very similar to those at countless other global companies operating across a wide range of industries," Bloomberg cited a Google spokeswoman as saying.