Google to scrap so-called ‘double Irish, Dutch sandwich’ scheme for avoiding U.S. tax GlobeBusiness
Dutch filings, which were seen by Reuters, showed that in 2018 Google moved 21.8 billion euros through its Dutch holding company to Bermuda, up from 19.9 billion in 2017. Google said it would end the practice after 2019.“A date of termination of the Company’s licensing activities has not yet been confirmed by senior leadership, however management expects that this termination will take place as of 31 December 2019 or during 2020,” the Dutch filing said.
Google, like other multinationals that make use of international tax minimization strategies, has always said it pays all its taxes. “Including all annual and one-time income taxes over the past ten years, our global effective tax rate has been over 23 per cent, with more than 80 per cent of that tax due in the US.”
The subsidiary in the Netherlands was used to shift revenue from royalties earned outside the United States to Google Ireland Holdings, an affiliate based in Bermuda, where companies pay no income tax.The tax strategy was legal and allowed Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.
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