Google's Chairman Eric Schmidt said £2.5 billion tax avoidance 'is called capitalism'
The head of the internet giant Google has defiantly defended his
company’s tax avoidance strategy claiming he was “proud” of the steps it
had taken to cut its tax bill which were just “capitalism”.
In an interview in New York Eric Schmidt, Google’s Chairman,
confirmed the company had no intention of paying more to the UK
exchequer. Documents filed last month show that Google generated around
£2.5 billion in UK sales last year but paid just £6m in corporation tax.
Californian based search giant has also been revealed to have sheltered
nearly $10bn of its revenues in Bermuda allowing it to avoid some $2bn
in worldwide income taxes in 2011.
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