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LATEST NEWS

Google's Irish Tax Payments Revealed


03/10/2013

The amount of corporation tax paid by Google in Ireland more than doubled last year, according to the latest accounts filed.

Google's Irish corporation tax bill hit EUR17m (USD23m) in 2012, up from the EUR8.1m recorded the previous year. The tax was paid at the headline rate of 12.5 percent. Revenue reached EUR15.5bn, although pre-tax profits stood at just EUR154m. Profits after tax totaled EUR120m.

A spokesperson told Sky News that "like most multinationals, we pay the bulk of our GBP1.2bn (USD1.95bn) corporate tax bill where our business originated, in our case the US."

Last month, the European Commission was reported to have begun a preliminary investigation into any special tax deals that may have been granted to multinational companies by European Union (EU) countries. Ireland, Luxembourg, and the Netherlands were thought particularly likely to come under the microscope.

In July, Google's Executive Chairman Eric Schmidt defended the company's tax record, saying that it does not regard taxes as optional, and pays the mandatory amount. He admitted that he was "rather perplexed" by the ongoing debate over multinational tax planning.

www.lowtax.net

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