INSUBCONTINENT EXCLUSIVE:
through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to
documents filed at Dutch Chamber of Commerce.The amount channelled through Google Netherlands Holdings BV was around 4 billion euros more
than in 2016, documents, filed on Dec
21, showed."We pay all of taxes due and comply with tax laws in every country we operate in around world," Google said in a
statement."Google, like other multinational companies, pays vast majority of its corporate income tax in its home country, and we have paid
a global effective tax rate of 26 percent over last ten years."The subsidiary in Netherlands is used to shift revenue from royalties earned
outside United States to Google Ireland Holdings, an affiliate based in Bermuda, where companies pay no income tax.The tax strategy, known
as "Double Irish, Dutch Sandwich", is legal and allows Alphabet-owned Google to avoid triggering U.S
income taxes or European withholding taxes on funds, which represent bulk of its overseas profits.However, under pressure from European
Union and United States, Ireland in 2014 decided to phase out arrangement, ending Google's tax advantages in 2020.Google Netherlands
Holdings BV paid 3.4 million euros in taxes in Netherlands in 2017, documents showed, on a gross profit of 13.6 million euros.(Except for
headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
