The company avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenue into a Bermuda shell company, almost double the total from three years before, filings show. Governments in France, the U.K., Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue. Schmidt said the company’s efforts around taxes are legal. We pay lots of taxes; we pay them in the legally prescribed ways,” he said. “I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate.” The company isn’t about to turn down big savings in taxes, he said. “It’s called capitalism,” he said. “We are proudly capitalistic. I’m not confused about this.”Editor's note - This website is a proud member of the Google family, (in so many ways).
Monday, December 17, 2012
Google goes Galt!
Tax avoidance: "It's called capitalism" Google Chairman Eric Schmidt, quoted from Bloomberg.com, "Google Chairman Says Android Winning Mobile War With Apple: Tech":