63 billion euros in remittances from Ireland to Bermuda in 2019

63 billion euros in remittances from Ireland to Bermuda in 2019

Irish double standard is a term that sounds like the fraud of the century or the blow of the year. For one thing, yes, because the process is perfectly legal. This enabled Google to send $ 63 billion ($ 75.4 billion) in profits to Bermuda in 2019. In the same year, Google Ireland Holdings Unlimited reported a pre-tax profit of $ 13 billion.Irish Times.

Irish twin

This shortcoming is not new. It was invented and used by large American companies such as Apple in the late 1980s. Today, many digital giants are pursuing this tax avoidance measure. Why Irish and American companies? Quite simply, the country does not count Uncle Sam’s payments from the country. Roughly speaking, the consequence of this tax laziness is that she can transfer as much money as she wants because she has a branch in Ireland, the parent company of a company headquartered in the United States. , Excluding this amount for calculating corporation tax. All that remains is for Google to transfer this amount to Bermuda, where Ireland Holdings is located.

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On the other hand, companies operating in Irish duplication use their company in Bermuda to manage their real estate in Ireland. For what Google did after Tax Hain took over the licensing of the intellectual property. A montage that lasts until 2019. “In December 2019, we simplified our corporate structure and began licensing our intellectual property rights from the United States, not Bermuda, in line with the OECD’s conclusions on basic land erosion and profit margins (OECD) and changes to U.S. and Irish tax laws,” a Google spokesman said.Irish Times. Other companies like Facebook have done the same.

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Will Google’s tax exemption resume international tax talks?

At the beginning of the GAFA tax, Margaret Westerger revealed a complete discrepancy. In 2015, Google had 55 million users in France with a reported turnover of $ 248 million. In Ireland it is less than 4 million for 22.6 billion euros. For one euro and one user, a French person brought in $ 4.51, and an Irishman $ 5,650. A more or less arrogant gap will force France to move forward. Bercy sent out its first tax notice in December.

This problem has also been generalized as ASEAN imposes taxes on digital giants. Although the countries of the association have already started their own projects, the goal is to deploy a more global policy to generalize in Southeast Asia. After the failure of the negotiations between the 137 OECD countries, the various regions of the world are moving forward independently. If there is a complete lack of coordination, the financial vice is tightening on big technology.

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