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Google moved $75bn out of Ireland in last use of the ‘double Irish’
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The controversial tax strategy has been phased out but the tech giant used it one last time in 2019 to move profits to Bermuda and avoid tax.
Google’s tax affairs drew much criticism over the weekend after it was revealed that the tech giant moved $75bn in profits out of Ireland in 2019.
Using the controversial ‘double Irish’ loophole, Google Ireland Holdings Unlimited Company, an Irish registered company, shifted profits to Bermuda where it is tax domiciled and where the tax rate is 0pc, as first reported by the Irish Times.
Google shifted more than $75.4 billion (â¬63 billion) in profits out of the Republic using the controversial âdouble-Irishâ tax arrangement in 2019, the last year in which it used the loophole.
The technology giant availed of the tax arrangement to move the money out of Google Ireland Holdings Unlimited Company via interim dividends and other payments. This company was incorporated in Ireland but tax domiciled in Bermuda at the time of the transfer.
The move allowed Google Ireland Holdings to escape corporation tax both in the Republic and in the United States where its ultimate parent, Alphabet, is headquartered. The holding company reported a $13 billion pretax profit for 2019, which was effectively tax-free, the accounts show.
Google shifted more than $75.4 billion (â¬63 billion) in profits out of the Republic using the controversial âdouble-Irishâ tax arrangement in 2019, the last year in which it used the loophole.
The technology giant availed of the tax arrangement to move the money out of Google Ireland Holdings Unlimited Company via interim dividends and other payments. This company was incorporated in Ireland but tax domiciled in Bermuda at the time of the transfer.
The move allowed Google Ireland Holdings to escape corporation tax both in the Republic and in the United States where its ultimate parent, Alphabet, is headquartered. The holding company reported a $13 billion pretax profit for 2019, which was effectively tax-free, the accounts show.
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