Google used ‘double-Irish’ to shift $75.4bn in profits out of Ireland

Found on Irish Times on Friday, 14 May 2021
Browse Various

Google shifted more than $75.4 billion (€63 billion) in profits out of the Republic using the controversial “double-Irish” tax arrangement in 2019, the last year in which it used the loophole.

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.

In the end, the people pay the bill so companies which spy on users can profit more.