After it emerged that Google funnelled $9.8bn (£6.07bn) of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill Google chairman Eric Schmidt answered
“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. It’s called capitalism. We are proudly capitalistic. I’m not confused about this.”
The Business Secretary, Vince Cable, responded: “It may well be [capitalism] but it’s certainly not the job of governments to accommodate it.”
This blog agrees that it is Cable who is the one really confused because we have posted upon how the British government does indeed accommodated tax avoidance schemes with its continued support for tax havens.
Reluctantly, SOYMB is in agreement with Matt Brittin, Google’s UK boss, who said MPs were blaming companies for a system that they had designed. “Google plays by the rules set by politicians."
“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. It’s called capitalism. We are proudly capitalistic. I’m not confused about this.”
The Business Secretary, Vince Cable, responded: “It may well be [capitalism] but it’s certainly not the job of governments to accommodate it.”
This blog agrees that it is Cable who is the one really confused because we have posted upon how the British government does indeed accommodated tax avoidance schemes with its continued support for tax havens.
Reluctantly, SOYMB is in agreement with Matt Brittin, Google’s UK boss, who said MPs were blaming companies for a system that they had designed. “Google plays by the rules set by politicians."
1 comment:
83 of the top 100 publicly traded corporations in the US make use of tax havens.$150 billion in taxes avoided per year through offshore tax loopholes.
http://www.presstv.com/detail/2012/12/14/278006/us-corporations-dodge-150bn-in-taxes/
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