‘Google funneled โ‚ฌ128 billion away via the Netherlands to Bermuda’

Google has funneled โ‚ฌ128 billion through a Dutch subsidiary to Bermuda tax haven in eight years.

The tech company in the Netherlands paid more than 25 million euros tax on this, writes DeccEit on the basis of the last published annual report of that Dutch subsidiary.

Google says that the money has now been returned to the United States. It is unclear how much tax the company paid for it. Tax avoidance is not illegal, but in recent years the pressure on multinationals to stop it has increased.

Tax construction

The tax construction, which has now stopped, was about paying fees for Googles intellectual property. These royalties ended up in the Netherlands via subsidiaries in Ireland and Singapore, and the Dutch subsidiary forwarded the money to Bermuda where no tax is levied.

It may be a larger amount than 128 billion, because the construction has existed since 2004. However, the Chamber of Commerce only has annual reports from 2012 onwards.