Google was able to shave $3.6 billion from its 2015 tax bill by relying on an elaborate system of loopholes known as the “Double Irish" and Dutch Sandwich,” according to a report from Bloomberg today. The loopholes — infamous among US corporations — effectively allow companies as large and profitable as Google to shuffle profits through subsidiaries in low-tax countries like the Netherlands and Ireland, and then onward to tax havens like Bermuda and the Cayman Islands. In this case, Google moved $15.5 billion worth of euros to a Bermuda shell company, cutting its tax rate outside the US to 6.9 percent last year, according to regulatory filings in the Netherlands that were obtained by Bloomberg.
The structure of the Double Irish and Dutch...
via The Verge
