Followups: The Real Story of Apple and the Paradise Papers (Parts I-III)
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Google will finally stop using controversial tax avoidance strategies
by The Verge 2019.12.31
The era of Google using a pair of controversial loopholes to save billions of dollars in taxes on overseas ad revenue is coming to a close… In 2020, the company will no longer take advantage of the so-called “Double Irish” and “Dutch sandwich” loopholes... The name comes from the strategy of moving money from an Irish subsidiary to a Dutch holding company, and then back to an Irish shell company located in Bermuda that has the rights to license Google intellectual property, thus the “Dutch sandwich” in between. Bermuda has no corporate income tax, making it a lucrative final stop to report income. The whole process effectively avoids paying US income tax and European withholding taxes on overseas profits, although some money is still paid to the Irish government…
[Google had]moved $23 billion to Bermuda in 2017 alone using this tax avoidance strategy.
In 2014, facing mounting pressure from the EU and the US, Ireland closed these loopholes. Companies were given until 2020 to comply with the new regulations… In the US, the Trump administration has also tried to incentivize companies to return profits to the US by lowering the corporate tax rate from 35 percent to 21 percent. The Tax Cuts and Jobs Act of 2018[.]
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