Update: A report on Yahoo! Finance claims that Google paid just 2.6 percent tax on its $6b of overseas profits in 2012.
Google, one of a number of companies to come under fire for alleged tax-avoidance practices, says that it welcomes debate on how international tax treaties can be reformed so that multinational companies pay the right amount of tax in each of the countries in which they operate.
In a comment piece on the Observer UK newspaper website, Google Chairman Eric Schmidt says he understands the controversy.
At a time when families are having to tighten their belts and funding for vital public services is under pressure, corporate taxation is rightly a hot topic. And as a company that has always aspired to do the right thing, we understand why Google is at the centre of that debate. In the interests of moving the argument forward – away from accusation and toward action – here are three principles we hope most people can agree upon … expand full story