Google just saved $2 Billion in International taxes by moving its money to Bermuda, reporting CNBC
Do you wonder how much money tech giants such as Microsoft,
Google, Apple and Oracle have in their account? Where do they keep it?
They all may be US based companies but their cash is actually
not in US. Google has its headquarters in Bermudas and that is where Google
keeps its cash.
Why? Of course taxes. If Google brings its cash in US, they
will have to pay almost half of it in taxes.
Here is a cash snapshot published on Yahoo
Microsoft near the top of the list, with 87 percent of its
$66.6 billion outside the U.S. Cisco not far behind at 83 percent of its $45
billion. Oracle at 80 percent of $31.6 billion, Apple at 68 percent of $121.3
billion, and Google at 64 percent of $45.7 billion.
Why is all that cash over there? It's not necessarily
because they're hiding it. A big part of the reason is that they've become
global growth stories. When Microsoft sells product overseas, the proceeds
naturally go into an overseas account. The money doesn't come to the U.S.
unless Microsoft needs to buy something here.