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  (Source: timebusinessblog.files.wordpress.com)
David Cameron, the Prime Minister of the UK, said that companies like Google are immorally minimizing tax bills

Google has managed to skip paying about $1.6 billion USD (£1 billion) in taxes by way of the island Bermuda -- and the Prime Minister of the United Kingdom isn't happy.

Google sent £6 billion through Bermuda over the course of last year, which halved its 2011 tax bill. In fact, Google funneled 80 percent of its global revenue through the island and ended up paying about £1 billion less to the government.

Google's Executive Chairman Eric Schmidt said this "is called capitalism."

“We pay lots of taxes; we pay them in the legally prescribed ways,” said Schmidt. “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.”

David Cameron, the Prime Minister of the UK, said that companies like Google are immorally minimizing tax bills and need to be stopped. He even wrote a letter to fellow leaders of the G8 requesting a global crackdown on tax avoidance for large companies such as Google and Starbucks.

“I do believe we all have a common interest in being able to tell our taxpayers who work hard and pay their fair share of taxes that we will make sure others do the same,” wrote Cameron in an open letter to the G8.

Google's UK Head Matt Brittin said politicians are the ones who set tax rates, and that Google is playing by their rules.

Google funneled £2.6 billion of British revenue through Bermuda, which cut its UK tax bill by £200 million.

In April of last year, it was reported that Apple made $9.5 billion USD in Britain for 2011, but only paid 0.16 percent in taxes. Amazon was also targeted for its headquarters in the tiny European Union nation of Luxembourg and Google's placement in Ireland with subsidiaries in the Caribbean and Luxembourg for more tax dodging gains.

The New York Times then blamed Apple for dodging billions in taxes in a lengthy article last year.

Source: Business Insider



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RE: two faced
By hubb1e on 1/2/2013 6:54:06 PM , Rating: 2
If corporations had as much power as you claim then ObamaCare would not exist, many of the regulations we have today would not exist, unions would not be able to extort money from worker involuntarily and they would pay no taxes at all, perhaps harvesting us for our oily discharges so they could sell them back to us as makeup.

In truth some BIG businesses have some government power and they use that power to push out competition, but so do the people. You may not like what the people vote for but they do have power in our government and most of us are perfectly happy with the status quo.


RE: two faced
By Strunf on 1/4/2013 6:24:13 AM , Rating: 2
lol you really think ObamaCare is bad for big corporations? what if I told the pharmaceutical industry will still get their money regardless of the ObamaCare or not, heck they will probably get even more after all if you were sick and had no health care insurance you would stay at home and give no money to pharmaceutical companies now well you go and enjoy your benefits and the pharmaceutical companies will get their cut.
Be no fool the pharmaceutical industry hope is that even the homeless get health care.


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