September 30, 2013
Google (NSQ:GOOG), which has been grilled twice in the past year by a UK parliamentary committee over its tax practices, had a UK tax bill of 35 million pounds in 2012, on sales of $5.5 billion to British customers, its accounts showed.
The Internet search giant paid a tax rate of 2.6 percent on $8.1 billion in non-U.S. income in 2012, because it channelled almost all of its overseas profits to a subsidiary in Bermuda which levies no corporate income tax, the group’s accounts show.
Corporate tax avoidance has risen to the top of the international agenda in the past year with the G20 and G8 groups of leading economies promising to get to grips with the growing practice of companies diverting profits from where they are earned and into tax havens.
This article was posted: Monday, September 30, 2013 at 11:10 am