Google to end use of tax loophole to delay payment of US income tax

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Google to quit tax dodging: Tech titan will stop using ‘double Irish’ loophole to channel profits to tax havens

By Daily Mail City & Finance Reporter

Published: | Updated:

Google is to end its use of the so-called ‘double Irish’ loophole to channel international profits to tax havens

Google is to end its use of a tax loophole which is estimated to have saved US companies hundreds of billions of dollars.

The so-called ‘double Irish’ loophole allowed Google to channel international profits through Ireland to tax havens like Bermuda, delaying payment of US income tax.

President Donald Trump has now made the arrangement redundant by abolishing income tax on profits made abroad when returned to the US.

Prime Minister Boris Johnson has risked angering Trump by promising to make tech titans pay more tax in the UK. 

And France recently approved a 3 per cent levy on large tech companies’ local revenue.

 

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