2015-09-17

Google, UK Economy, and Tax Avoidance (video)



What Google Means to the U.K. Economy: Bloomberg's Caroline Hyde recaps her interview with Eileen Naughton, managing director for U.K. and Ireland at Google, on what the company brings to the U.K. economy, how it is working to expand the growth of British businesses and what the recent re-organization of Google's corporate structure means to day-to-day business. She speaks on "The Pulse" on September 16, 2015. The U.K. is Google's second biggest market. Google says it contributes over £11 billion per year to the UK economy. Google is coming under increasing pressure from EU anticompetitive claims and tax issues. Example below:

MPs publish report on Google's tax avoidance - News from Parliament - UK Parliament:The Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts:
"Google generates enormous profits in the UK. But despite an $18 billion turnover between 2006 and 2011 it paid the equivalent of just $16 million in taxes to the UK government. Google brazenly argued before this committee that its tax arrangements in the UK are defensible and lawful. It claimed that its advertising sales take place in Ireland, not in the UK. This argument is deeply unconvincing and has been undermined by information from whistleblowers, including ex-employees of Google, who told us that UK based staff are engaged in selling. The staff in Ireland simply process the bills. Google also conceded at this second hearing that its engineers in the UK are contributing to product development. The company’s highly contrived tax arrangement has no purpose other than to enable the company to avoid UK corporation tax..."

Principal domain name: Google.com
Stock symbols: GOOG and GOOGL (see 3 month chart below)

GOOGL (Class A) 3 month Stock Chart
GOOGL (Class A) 3 month Stock Chart (source: google.com)



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