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Google’s tax avoidance is called ‘capitalism’, says chairman Eric Schmidt
Posted By admin On December 13, 2012 @ 6:38 am In Money Watch | Comments Disabled
London Telegraph 
Dec 13, 2012
Mr Schmidt’s comments risk inflaming the row over the amount of tax multinationals pay, after it emerged that Google funnelled $9.8bn (£6.07bn) of revenues from international subsidiaries into Bermuda  last year in order to halve its tax bill.
However, Mr Schmidt defended the company’s legitimate tax arrangements. “We pay lots of taxes; we pay them in the legally prescribed ways,” he told Bloomberg. “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.”
“It’s called capitalism,” he said. “We are proudly capitalistic. I’m not confused about this.”
In Britain Vince Cable was unimpressed by Mr Schmidt’s views. The Business Secretary told The Daily Telegraph: “It may well be [capitalism] but it’s certainly not the job of governments to accommodate it.”
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URLs in this post:
 London Telegraph: http://www.telegraph.co.uk/technology/google/9739039/Googles-tax-avoidance-is-called-capitalism-says-chairman-Eric-Schmidt.html
 Google funnelled $9.8bn (£6.07bn) of revenues from international subsidiaries into Bermuda: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9735448/Google-avoided-2bn-tax-by-funnelling-profits-through-Bermunda.html
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