Google moved almost $22.7bn to Bermuda in 2017

7 January, 2019 12:00 AM printer

NEW YORK: US internet giant Google used a legal mechanism to transfer almost €20 billion from the Netherlands to Bermuda in 2017 for tax purposes, a Dutch newspaper reported on Friday.

Google, which is owned by US parent company Alphabet, moved €19.9bn ($22.7bn) with a tax evasion strategy dubbed 'Double Irish, Dutch Sandwich', according to 2018 financial documents cited by the financial daily FD, report agencies.

The technique consists of shifting revenues from an Irish subsidiary to a Dutch shell company, which transfers the funds to another Irish subsidiary based in Bermuda, where it pays no income tax.