Google Tax Haven Coming Home To Roost
Good thing Google isn’t running for public office, as Bloomberg is reporting that the search giant avoided about $2 billion in worldwide income taxes in 2011 by shifting nearly $10 billion in
revenues into a Bermuda shell company. “By legally funneling profits from overseas subsidiaries into Bermuda … Google cut its overall tax rate almost in half,” Bloomberg reports.
Needless to say, governments around the world are likely to be bothered by the news.