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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 [1]
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 [2] 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.”

Full article here [1]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/technology/google/9739039/Googles-tax-avoidance-is-called-capitalism-says-chairman-Eric-Schmidt.html

[2] 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

[3] Occupy Founder: ‘Make Google’s Eric Schmidt CEO of America’: http://www.prisonplanet.com/occupy-founder-make-googles-eric-schmidt-ceo-of-america.html

[4] Google’s Eric Schmidt: You can trust us with your data: http://www.prisonplanet.com/googles-eric-schmidt-you-can-trust-us-with-your-data.html

[5] Google’s Eric Schmidt: “when you post something, the comptuers remember forever”: http://www.prisonplanet.com/googles-eric-schmidt-when-you-post-something-the-comptuers-remember-forever.html

[6] Young will have to change names to escape ‘cyber past’ warns Google’s Eric Schmidt: http://www.prisonplanet.com/young-will-have-to-change-names-to-escape-cyber-past-warns-googles-eric-schmidt.html

[7] Google’s Eric Schmidt wants a ban on Amazon’s drones: http://www.prisonplanet.com/googles-eric-schmidt-wants-a-ban-on-amazons-drones.html

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