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Comment by Christopher on October 15, 2013 at 10:13am

Google Avoids $2 Billion In Taxes By Offshoring Profits In Bermuda

The IRS reportedly audited Google's offshoring strategy last year, according to a separate Bloomberg report. Google was saving about $1 billion in taxes per year by shifting its profits through Ireland and the Netherlands to Bermuda, cutting its overseas tax rate to 2.4 percent, according to a 2010 Bloomberg report.

The European Commission said on Thursday that EU countries should collaborate to crack down on tax evasion, which costs them about $1.31 trillion per year, according to Reuters. Meanwhile, both the Obama administration and Congressional Republicans have proposed cutting the corporate tax rate.

Full story here: http://www.huffingtonpost.com/2012/12/10/google-taxes-bermuda_n_227...