Google shifted $75.4 billion profit out of Ireland.

Stefan Mileschin · 21st April 2021, 08:52

"Double-Irish" tax arrangement

Just in case you wonder about the sort of money that Google was funnelling through Ireland and Bermuda in 2019, the figure is $75.4 billion.

At the time Google was using the controversial "double-Irish" tax arrangement and 2019 was apparently the last time it did it.

The technology giant used the tax arrangement to move the money out of Google Ireland Holdings Unlimited Company via interim dividends and other payments. This company was incorporated in Ireland but tax domiciled in Bermuda at the time of the transfer.

The move allowed Google Ireland Holdings to escape corporation tax both in the Republic and in the United States where its ultimate parent, Alphabet, is headquartered. The holding company reported a $13 billion pretax profit for 2019, which was effectively tax-free, the accounts show.

https://fudzilla.com/news/52719-goog...out-of-ireland

21st April 2021, 08:52	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 149,135	Google shifted $75.4 billion profit out of Ireland. "Double-Irish" tax arrangement Just in case you wonder about the sort of money that Google was funnelling through Ireland and Bermuda in 2019, the figure is $75.4 billion. At the time Google was using the controversial "double-Irish" tax arrangement and 2019 was apparently the last time it did it. The technology giant used the tax arrangement to move the money out of Google Ireland Holdings Unlimited Company via interim dividends and other payments. This company was incorporated in Ireland but tax domiciled in Bermuda at the time of the transfer. The move allowed Google Ireland Holdings to escape corporation tax both in the Republic and in the United States where its ultimate parent, Alphabet, is headquartered. The holding company reported a $13 billion pretax profit for 2019, which was effectively tax-free, the accounts show. https://fudzilla.com/news/52719-goog...out-of-ireland

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Apple and Ireland win European appeal over multi-billion tax deal	Stefan Mileschin	WebNews	0	16th July 2020 08:02
Fortnite helped make Epic $3 billion in profit	Stefan Mileschin	WebNews	0	29th December 2018 10:11
Apple sends Ireland $1.76 billion in first payment for back taxes	Stefan Mileschin	WebNews	0	20th May 2018 06:17
Europe takes Ireland to court over Apple's $14.5 billion tax bill	Stefan Mileschin	WebNews	0	6th October 2017 05:29
Apple misses deadline to repay Ireland $13.9 billion	Stefan Mileschin	WebNews	0	2nd February 2017 16:55
Western Digital posts $2.8 billion in revenue, $74 million profit for Q3 of FY2016	Stefan Mileschin	WebNews	0	30th April 2016 14:01
Android earned Google $22 billion in profit, says Oracle	Stefan Mileschin	WebNews	0	23rd January 2016 14:18
Intel gets go-ahead for $4 billion chip plant in Ireland	Stefan Mileschin	WebNews	0	25th January 2013 06:46
TSMC's 28-nanometer process pays off as it rakes in $1.68 billion profit in Q3	Stefan Mileschin	WebNews	0	26th October 2012 06:37
Intel report record year with 11.7 billion dollar profit	jmke	WebNews	0	18th January 2011 13:23