Delenda Carthago
13th December 2012, 18:49
Google chairman Eric Schmidt has insisted that he is "very proud" of the company's tax structure, and said that measures to lower its payments were just "capitalism".
http://i.telegraph.co.uk/multimedia/archive/02153/google_2153570b.jpg Mr Schmidt's comments risk inflaming the row over the amount of tax multinationals pay, after it emerged that Google funnelled $9.8bn of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill. Photo: Bloomberg News
By Telegraph Staff
6:50PM GMT 12 Dec 2012
http://www.telegraph.co.uk/template/ver1-0/i/share/comments.gif1589 Comments (http://www.telegraph.co.uk/technology/google/9739039/Googles-tax-avoidance-is-called-capitalism-says-chairman-Eric-Schmidt.html#disqus_thread)
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 (http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9735448/Google-avoided-2bn-tax-by-funnelling-profits-through-Bermunda.html) 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.
Its called capitalism, he said. We are proudly capitalistic. Im not confused about this.
In Britain Vince Cable was unimpressed by Mr Schmidts views. The Business Secretary told The Daily Telegraph: It may well be [capitalism] but its certainly not the job of governments to accommodate it.
A Californian pressure group called Consumer Watchdog wrote to the Senates Finance Committee demanding a hearing on Googles global tax avoidance strategies (http://www.consumerwatchdog.org/resources/ltrbaucus121212.pdf). (http://www.consumerwatchdog.org/resources/ltrbaucus121212.pdf)
http://i.telegraph.co.uk/multimedia/archive/02153/google_2153570b.jpg Mr Schmidt's comments risk inflaming the row over the amount of tax multinationals pay, after it emerged that Google funnelled $9.8bn of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill. Photo: Bloomberg News
By Telegraph Staff
6:50PM GMT 12 Dec 2012
http://www.telegraph.co.uk/template/ver1-0/i/share/comments.gif1589 Comments (http://www.telegraph.co.uk/technology/google/9739039/Googles-tax-avoidance-is-called-capitalism-says-chairman-Eric-Schmidt.html#disqus_thread)
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 (http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9735448/Google-avoided-2bn-tax-by-funnelling-profits-through-Bermunda.html) 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.
Its called capitalism, he said. We are proudly capitalistic. Im not confused about this.
In Britain Vince Cable was unimpressed by Mr Schmidts views. The Business Secretary told The Daily Telegraph: It may well be [capitalism] but its certainly not the job of governments to accommodate it.
A Californian pressure group called Consumer Watchdog wrote to the Senates Finance Committee demanding a hearing on Googles global tax avoidance strategies (http://www.consumerwatchdog.org/resources/ltrbaucus121212.pdf). (http://www.consumerwatchdog.org/resources/ltrbaucus121212.pdf)