Author: Zoe Schiffer
Illustration by Alex Castro / The Verge
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, according to a new report from Reuters. In 2020, the company will no longer take advantage of the so-called “Double Irish” and “Dutch sandwich” loopholes, which allowed it and countless other corporations to shift money from Ireland to the Netherlands and Bermuda, sheltering billions from taxes in the process.
The move comes as regulations aimed at changing how companies skirt taxes take effect in both the US and Ireland. Previously, multinational organizations like Google were able to use a network of affiliate organizations located in Ireland, the Netherlands, and Bermuda to collect and hold money...
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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, according to a new report from Reuters. In 2020, the company will no longer take advantage of the so-called “Double Irish” and “Dutch sandwich” loopholes, which allowed it and countless other corporations to shift money from Ireland to the Netherlands and Bermuda, sheltering billions from taxes in the process.
The move comes as regulations aimed at changing how companies skirt taxes take effect in both the US and Ireland. Previously, multinational organizations like Google were able to use a network of affiliate organizations located in Ireland, the Netherlands, and Bermuda to collect and hold money...
Continue reading…
Continue reading...