Google Report Reveals $23 Billion Stashed In Tax Havens
Mike Sanders / 3 years ago
Google Has $23 Billion In Tax Havens
With its technology, software and a vast number of products behind it, it’s hardly any surprise that Google (or strictly speaking, it’s parent company Alphabet) earns an exceptionally large amount of money each year. With large earnings, however, come taxes as most self-employed people will be finding out this month.
In a report via WCCFTech, however, it has been revealed that Google has been employing some rather creative accounting. Creative enough, in fact, that the company has a reported $23 billion held in overseas tax haven bank accounts.
Illegal? No – Ethical? Hmm
We should note that this practice is hardly uncommon and is not, strictly speaking, illegal. It does require money to be moved about rather a lot, but if done correctly, it does mean that you can legally avoid paying the amount of tax that your business probably should. It is, for example, something the Apple has skirted around for many years.
At the very least, however, the practice is certainly a little unethical. As such, when the $23 billion figure was revealed, it has raised more than a few eyebrows.
It Will Probably Continue
Despite the fact that the specific amount has come to light, it may be just a small drop in the ocean. It is believed that Google currently has about $60 billion that has yet to re-enter the companies base in the United States. Such matters do, however, create a lot of chagrin for those of us who pay their tax honestly.
What do you think? Are you surprised at the amount? – Let us know in the comments!