Report: Google shifted $23B to tax haven in Bermuda in 2017

Reuters reports Google moved nearly $23 billion to a Bermuda tax haven in 2017.

The company used a Dutch shell company to shift the cash through an arrangement that allowed a reduction of its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce.

“We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” Google officials said in a statement. “Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 percent over the last ten years.”

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