Bermuda-incorporated entities with names beginning with G

2017. August 14. NEW YORK (Bloomberg) – A Los Angeles man who was born into a life of white-collar crime with an opulent lifestyle was ordered to serve more than 14 years behind bars for ripping off poor Native Americans, a sentence that tacked five years to time he’s already doing for ripping off investors in a Bermuda-based firm. Jason Galanis, who pleaded guilty in January to duping a Sioux tribe in South Dakota in a $60 million bond-issuing scam, was sentenced in Manhattan federal court. He appeared in blue prison garb, sporting a long beard, with his straight hair combed neatly to his shoulders. “There aren’t enough words to describe how remorseful I am,” Galanis, 47, said. “I’ll never live down the shame. It’ll be with me forever.” Galanis is already serving 11 years for another crime. The Greenwich, Connecticut, native pleaded guilty in July 2016 to swindling investors in a island-based financial-services firm, Gerova Financial Group Ltd, out of $20 million. “You’ve spent a good deal of your life charming and manipulating people,” US District Judge Ronnie Abrams said in handing down the sentence. “You’ve had many more opportunities in life than most of the defendants I have before me.” The judge initially sentenced Galanis to more than 15 years in prison, but later credited him with the 15 months he’s already served. She said her intent was to add five years to his current sentence. Defence attorney Lisa Scolari had asked for mercy, arguing last month that her client’s life was dominated by his father, John Galanis, whom she referred to as “one of the ten biggest white-collar criminals in America.” The Galanis name, she said in a court filing, is “etched into more than 45 years of state and federal criminal indictments, beginning in the early 1970s. There is a sadly familiar path,” she said, and her client “has followed directly in his father’s footsteps.” Scolari asked the judge to hand down a sentence that wouldn’t result in any additional time behind bars. Prosecutors didn’t buy it. They urged the judge to impose a sentence of almost 20 years, which would have added more than 8½ years to Galanis’s current term. “The government has little doubt that being raised by John Galanis was a significant and formative negative experience,” prosecutors said in an August 4 filing. But, “having witnessed first-hand the devastating familial costs of criminal behaviour, Jason might have been expected to live his life on the straight and narrow, and to aspire to a life both more productive and modest than that of his father.” John Galanis was charged with his son in both frauds, while two of his other sons were charged in the Gerova scam. The elder Galanis once ripped off the former head of the New York Stock Exchange and was previously convicted in 1988 of masterminding a tax-shelter scheme that bilked actors including Eddie Murphy and Sammy Davis Jr. The scam against the Gerova investors in Bermuda was also a family affair. In the latest case, father and son were accused of persuading a corporation affiliated with the Wakpamni District of the Oglala Sioux Nation, whose members live in one of the poorest regions in the US, to issue limited-recourse bonds the pair had structured. John, now 74, and Jason promised that the bond proceeds would be invested in annuities to benefit the tribe and repay investors. Instead, prosecutors said, they stole more than $10 million. Their long-time scams helped fund a lifestyle that went from the younger Galanis getting a $100,000 Ferrari for his 16th birthday to the family living in a Del Mar, California, mansion that last sold for $50 million, according to court filings. John Galanis is at a low-security prison in California. He’s due to be released in 2022 and has pleaded not guilty in the bonds case, according to court records. The US urged a harsh sentence based on the younger Galanis’s long history of breaking the law. “Galanis’s conduct is all the more egregious because the Wakpamni fraud was not his first brush with the law but was merely the latest of his repeated efforts to enrich himself and support an opulent lifestyle at the expense of his victims,” the US said. “The scale and scope of his illegal conduct, and his willingness to lie and deceive to cover it up, has only grown over time.”

2015. September 30. This and other Gerova companies still listed on Bermuda Register of Companies, despite comments below.

2015. September 28. The men behind this Bermuda-registered financial-services firm have been charged by regulators in connection with an alleged $16 million fraud in the US. The Securities and Exchange Commission (SEC) claims six men involved with the Gerova Financial Group, formerly based in Cumberland House, Victoria Street, Hamilton, hatched a plot to dump millions of the company’s shares in an unregistered offering and distribution. The SEC alleges that Jason Galanis enlisted his father John Galanis, his two brothers Jared and Derek, a family friend from the Republic of Kosovo and a Gerova director Gary Hirst and Gavin Hamels, an American investment adviser, to carry out the 2010 scheme. An SEC filing with the United States District Court, Northern District of New York, said: “Eventually, Gerova’s share price tumbled in reaction to the massive sell-off engineered by Jason Galanis. To stem the price decline, Jason Galanis orchestrated a second phase of the scheme to artificially stabilize Gerova’s stock price: he bribed two investment advisers to buy Gerova shares in their respective clients’ accounts in order to create demand for the stock. All told Jason Galanis’ scheme reaped him and his family members over $16 million, all at the expense of unwitting investors.” The court was also told that Jason Galanis, 45, who lives in Los Angeles, California, had also been banned in a previous case from serving as an officer or director of a public company for five years, to run from 2007 to 2012 and ordered to pay $60,000 in civil penalties. But the filing with the US court that Jason Galanis was “instrumental in the formation and development of Gerova” and in 2006 advised members of a wealthy family from Macau, China, on potential investments. He later introduced a member of the family to a Gibraltar-based fund, the Gibraltar Fund, controlled by one of his business associates, to discuss the set-up of a special purpose acquisition vehicle (SPAC) to focus on acquisitions based in Asia. The Gibraltar Fund and the Macau family agreed to set up Asia Special Situation Acquisition Corporation (ASSAC), which was formed as a SPAC in the Cayman Islands in March, 2007. Jason Galanis was paid a $600,000 fee for his part in the deal and also entered into a consulting agreement with the Gibraltar Fund, which entitled him to 30 per cent of the profits the Gibraltar Fund made from the SPAC. ASSAC changed its name to Gerova Financial Group in January, 2010. The SEC filing to the court said: “Far beyond the terms of his consulting agreement with the Gibraltar Fund, Jason Galanis substantially influenced the management, operation and business direction of Gerova from its inception. He regularly attended Gerova board meetings and had pre-existing business relationships with members of the board; he consulted management, company counsel and the board on senior management hiring and firing decisions; he reviewed draft commission filings and consulted Gerova’s officers, directors and company counsel concerning disclosures made therein; he interacted with Gerova’s public relations firms concerning the content of Gerova’s press releases and gave orders to Gerova’s counsel and management concerning actions to be taken with respect to its securities.” The SEC filing said that Jason Galanis, “mindful of the officer and director bar imposed on him ...”, made sure that his official capacity at the company was limited, holding himself out as investment banker or adviser to the company. But the filing added: “However, in October 2010, he became CEO of a Gerova subsidiary, Gerova Advisors LLC, in order to formalize his relationship with the company. In that capacity, Jason Galanis was to receive success fees upon the consummation of material financings or acquisitions by Gerova that were introduced or consulted on by Gerova Advisors.” The SEC also alleges that Jason Galanis’ senior role in Gerova, as well as his close relationships with senior officers and board members, or his substantial holdings of Gerova stock through several shell companies. Gerova companies remain listed on the Bermuda Register of Companies. But a spokesman for the Bermuda Monetary Authority, which regulates the financial services industry, said: “There are currently no Bermuda Monetary Authority-licensed entities related to this matter.” The Royal Gazette reported in 2012 that the firm had sought US bankruptcy court protection, listing debts of as much as $500 million. The company, formerly known as Asia Special Situations Acquisition Corporation, took the step to protect its assets from creditors. Gerova said then its assets were listed as more than $50 million. Gerova also began liquidation proceedings in Bermuda in July that year.

2011. January. Acquired about $1.2 billion in insurance policies and loans and arranged financing for further purchases in the life-settlements market. In 2012 it sought US bankruptcy court protection, listing debt of as much as $500 million. The company, formerly known as Asia Special Situations Acquisition Corp, filed a Chapter 15 petition in Manhattan to protect its US assets from creditors. Assets were valued at more than $50 million. Chapter 15 shields foreign companies from US lawsuits and creditor claims while a company continues the process abroad. Liquidated in Bermuda thereafter.

6/11/2009. A Bermuda-based soccer fund initiated by by Indoo Sella Di Monteluce, an Italian aristocrat, and Kentaro chief executive officer Philippe Huber, whose company is an investor. Iveagh Ltd, a London-based firm created to oversee the wealth of the Guinness brewing dynasty, was hired as investment manager in return for 2 percent of the fund’s net asset value. Sella Di Monteluce’s father, Count Nicolo Sella Di Monteluce, is a non-executive director at Iveagh, which also manages his family’s money.

A victim of potential fraudulent activities revealed in December 2008 by Mr. Bernard L. Madoff and his investment advisory business, which potentially had a material impact on both direct and indirect investments in the Madoff funds. A press release included: "As at December 15, 2008, GSO1 had a total indirect exposure to this manager of $2.8 million (or c. five percent of NAV) in the discretionary Investment Portfolio. Whilst this situation could potentially have an impact on the NAV of GSO1, the Directors do not foresee it having a significant impact on the overall strategy of GSO1."

9/5/2006.

2020. January 2. Google is ending its tax strategy called the “Double Irish, Dutch Sandwich”, which saw it move billions of dollars to Bermuda. The tech company moved $24.5 billion (€21.8 billion) through its Netherlands holding company to Bermuda in 2018, up from $22.7 billion the previous year, according to filings in the Netherlands that have been seen by Reuters. The Double Irish, Dutch Sandwich procedure is legal, but it has been criticized in the past as an arrangement that allows Google to reduce its foreign tax bill. Google parent Alphabet will no longer use the “sandwich” intellectual property licensing scheme, which allowed it to delay paying US taxes, according to its 2018 tax filings. A Google spokesman has confirmed it would scrap the licensing structure, saying this was in line with international rules and followed changes to US tax law in 2017, Reuters reported. In the past, the company’s revenue from royalties earned outside the US was moved through its subsidiary Google Netherlands Holdings BV to Google Ireland Holdings, which is registered in Bermuda. That allowed the company to avoid triggering US income taxes or European withholding taxes on the funds. But under pressure from the European Union and the US, Ireland decided to phase out the arrangement, bringing an end to Google’s Irish tax advantages as of this year. In addition, the US Tax Cuts and Jobs Act, which came into effect two years ago, means US companies’ foreign profits that have been made and taxed abroad are not subject to taxation when returned to the US. Reuters reported that Google’s filing in the Dutch Chamber of Commerce, said: “A date of termination of the company’s licensing activities has not yet been confirmed by senior leadership, however, management expects that this termination will take place as of 31 December 2019 or during 2020. “Consequently, the company’s turnover and associated expense base generated from licensing activities will discontinue as of this date.” In a statement, a company spokesman said: “We’re now simplifying our corporate structure and will license our IP from the US, not Bermuda.” The company said its global effective tax rate has been more than 23 per cent during the past ten years. While Bermuda-registered Google Ireland Holdings Unlimited Company will no longer continue licensing intellectual property or holding debt securities, it will continue equity investment operations, according to a filing. Four years ago, a number of newspapers in Britain put Bermuda under the spotlight regarding the billions of dollars sent to the island by Google. The Sun on Sunday highlighted how Google directed billions of dollars of profits a year to the island, and noted the company’s only physical presence in Bermuda was a post office box, numbered 666, located at the General Post Office in Hamilton. The newspaper explained how Google Bermuda Unlimited and Google Ireland Holdings were registered at the address of law firm Conyers Dill and Pearman, on Church Street.

2019. January 4. Google moved $22.7 billion through a Dutch company to Bermuda in 2017, an increase of about $4.5 billion on the previous year. The tax strategy, known as “Double Irish, Dutch Sandwich”, is legal, but has been criticized in the past as an arrangement that allows Google to reduce its foreign tax bill. Reuters reported that €19.9 billion of revenue from royalties earned outside the US was moved by the technology company through its subsidiary Google Netherlands Holdings BV to Google Ireland Holdings, which is registered in Bermuda. In a statement, Alphabet Inc’s Google said: “We pay all of the taxes due and comply with the tax laws in every country we operate in around the world. Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 per cent over the last ten years.” Reuters noted that moving the revenue through the Netherlands to Bermuda avoided “triggering US income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits”. Under pressure from the US and European Union, Ireland is phasing out the arrangement in 2020. Reuters reported that according to documents filed at the Dutch Chamber of Commerce, Google Netherlands Holdings BV paid €3.4 million in taxes in the Netherlands in 2017 on a gross profit of €13.6 million. Three years ago, a number of newspapers in Britain put Bermuda under the spotlight regarding the billions of dollars sent to the island by the internet giant. In 2016, The Sun on Sunday highlighted how Google directed billions of dollars of profits a year to the island, and noted the company’s only physical presence in Bermuda was a post office box, numbered 666, located at the General Post Office in Hamilton. The newspaper explained how Google moved money through Ireland and the Netherlands before it reached Bermuda, where Google Bermuda Unlimited and Google Ireland Holdings were registered at the address of law firm Conyers Dill and Pearman, on Church Street.

2018. January 3. Bloomberg. Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,” to shield the majority of its international profits from taxation. The set-up involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, and then on to a Bermuda mailbox owned by another Ireland-registered company. The amount of money Google moved through this tax structure in 2016 was 7 per cent higher than the year before, according to company filings with the Dutch Chamber of Commerce dated December 22 and which were made available online yesterday. News of the filings was first reported by the Dutch newspaper Het Financieele Dagblad. “We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” a Google spokesman said in a statement. “We remain committed to helping grow the online ecosystem.” Google is under pressure from regulators and authorities around the world for not paying enough tax. Last year, the company escaped a €1.12 billion French tax bill after a court ruled its Irish subsidiary, which collects revenue for ads the company sells in France, had no permanent base in the country. The European Union has been exploring ways to make US technology companies, many of which use similar tax shelters, pay more. The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015. But companies already using the structure are allowed to continue employing it until the end of 2020. According to US financial filings, Google’s global effective tax rate in 2016 was 19.3 per cent, which it achieved in part by shifting the majority of its international profit to the Bermudian-based entity. The total pool of foreign earnings Google was holding overseas, free from taxation, was $60.7 billion at the end of 2016, the company said in its SEC filings. The US tax law passed last month would give companies such as Google an incentive to repatriate much of that cash by offering them a one-time, 15.5 per cent tax rate. After that, foreign earnings would be taxed at 10.5 per cent, although companies can deduct foreign tax liabilities from this amount. The law will also impose a 13.1 per cent tax on certain international patent royalties that could hit Google’s tax arrangement in which its Bermudian-based subsidiary licenses its intellectual property to its other foreign subsidiaries. Google Ireland Ltd collects most of the company’s international advertising revenue and then passes this money on to Dutch subsidiary Google Netherlands Holdings BV. A Google subsidiary in Singapore that collects most of the company’s revenue in the Asia-Pacific region does the same. The Dutch company then transfers this money on to Google Ireland Holdings Unlimited, which has the right to license the search giant’s intellectual property outside the US. That company is based in Bermuda, which has no corporate income tax. The use of the two Irish entities is what gives the structure its “Double Irish” moniker and the use of the Netherlands subsidiary as a conduit between the two Irish companies is the “Dutch Sandwich”.

2016. December 22. NEW YORK (Bloomberg) — Google saved $3.6 billion in worldwide taxes in 2015 by moving 14.9 billion euros ($15.5 billion) to a Bermuda shell company, new regulatory filings in the Netherlands reveal. The amount the company shifted through its Dutch subsidiary, Google Netherlands Holdings, and then on to a Bermuda mailbox was 40 per cent greater than in 2014, according to filings the company made with the Dutch Chamber of Commerce on December 12 and which were made available online on Tuesday. News of the filings was first reported by the Dutch newspaper Het Financieele Dagblad. Alphabet moves the bulk of its non-US profits through this Dutch subsidiary, which has no employees. The company has used the Netherlands company since 2004 as part of a tax structure dubbed a “Double Irish” and a “Dutch sandwich.” By moving most of its international profits to Bermuda, the company was able to reduce its effective tax rate outside the US to 6.4 per cent in 2015, according to Alphabet’s filings with the Securities and Exchange Commission. “Google complies with the tax laws in every country where we operate,” a Google spokesman said in a statement. In February, Google also said such calculations of an effective tax rate do not reflect the methods actually used to determine its international taxes in any jurisdiction. Some 12 billion euros of the money funneled through the Dutch company in 2015 came from Google Ireland Limited, which collects most of Google’s international advertising revenues. The rest came from a Google subsidiary in Singapore that serves a similar role. The Dutch company then transfers this money on to Google Ireland Holdings Unlimited, which has the right to license Google’s intellectual property outside the US. That company is based in Bermuda, which has no corporate income tax. The use of the two Irish entities is what gives the structure its “Double Irish” moniker. The total amount of profit Google had sheltered from US taxation, most of which passes through its Dutch subsidiary en route to Bermuda, grew to $58.3 billion in 2015, according to Alphabet’s SEC filings. The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015. Companies already using the structure, however, are allowed to continue employing it until the end of 2020. Google is under pressure from regulators and tax authorities around the world for not paying enough tax. On Tuesday, Indonesia set a December 31 deadline for Google to resolve a tax dispute there, including a possible $223 million fine. The company’s offices in Spain and France have also been raided by tax investigators in the past year. US President-elect Donald Trump has discussed possible changes to US tax laws in order to allow American companies to repatriate foreign profits at a one-time tax rate of 10 per cent. That would eliminate some of the incentive US companies currently have to hold foreign profits outside the US. Tech firms have some of the largest such stockpiles, with Apple holding $181 billion outside the US and Microsoft holding $94.4 billion, according to their 2015 annual SEC filings. 

2016. 31 January. January 31. Daily Mail UK newspaper revelations about Google and Bermuda as recipient of billions in Google profits. See Don-t-evil-Google-sends-profits-worth-8BILLION-year-post-box-number-666-tax-haven-island-Bermuda.html.

2015. August 10. Google Inc, which has a number of Bermuda-incorporated companies, announced plans to create a new public holding company, Alphabet Inc. It is being created to restructure Google by moving subsidiaries from Google to Alphabet, narrowing Google's scope. The company consists of Google, Nest Labs and Calico as well as other businesses including X, Google Capital and GV.

Has a hugely significant corporate tax-haven presence in Bermuda. On July 27, 2013 in a front page story in the UK's Daily Telegraph newspaper, it was revealed that the Church of England's pension fund has a £ sterling 5.7 million stake in Google, plus significant other investments in a number of Internet Service Providers. Earlier, British Prime Minister David Cameron had severely criticized Google and others for UK tax avoidance. On December 24 2012 the Royal Gazette in Bermuda quoted a Bloomberg New York report that Google avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show. By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011. The increase in Google’s revenues routed to Bermuda, disclosed in a November 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the US over corporate tax dodging. Governments in France, the UK, Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue during economic doldrums. The European Union’s executive body, the European Commission, has advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU one trillion euros ($1.3 trillion) a year, are “scandalous” and “an attack on the fundamental principle of fairness,” Algirdas Semeta, the EC’s commissioner for taxation, said at a press conference in Brussels. “The tax strategy of Google and other multinationals is a deep embarrassment to governments around Europe,” said Richard Murphy, an accountant and director of Tax Research LLP in Norfolk, England. “The political awareness now being created in the UK, and to a lesser degree elsewhere in Europe, is: It’s us or them. People understand that if Google doesn’t pay, somebody else has to pay or services get cut.” Google said it complies with all tax rules, and its investment in various European countries helps their economies. In the UK, “we also employ over 2,000 people, help hundreds of thousands of businesses to grow online, and invest millions supporting new tech businesses in East London,” the Mountain View, California-based company said in a statement. The Internet search giant has avoided billions of dollars in income taxes around the world using a pair of tax shelter strategies known as the Double Irish and Dutch Sandwich, Bloomberg News reported in 2010. The tactics, permitted under tax law in the U.S. and elsewhere, move royalty payments from subsidiaries in Ireland and the Netherlands to a Bermuda unit headquartered in a local law firm. In 2011, Google reported a tax rate of just 3.2 percent on the profit it said was earned overseas, even as most of its foreign sales were in European countries with corporate income tax rates ranging from 26 percent to 34 percent. At a hearing in November 2012 in the UK, members of Parliament pressed executives from Google, Seattle-based Amazon.com Inc. and Starbucks to explain why they don’t pay more taxes there. The UK, Google’s second-biggest market, was responsible for about 11 percent of its sales, or almost $4.1 billion last year, according to company filings. Google paid 6 million ($9.6 million) in UK income taxes. Matt Brittin, Google’s vice-president for Northern and Central Europe, testified that the company pays taxes where it creates “economic value”, primarily the US. Still, Google attributes some profit based on technology created in the US to offshore subsidiaries, lowering its US taxes, according to company filings and people familiar with its tax planning. Google paid $1.5 billion in income taxes worldwide in 2011. In the wake of the parliamentary hearing, the House of Commons issued a report in December 2012 declaring that multinationals “do not pay their fair share” of tax. The committee also criticised the UK’s tax collection agency, Her Majesty’s Revenue & Customs, for “not taking sufficiently aggressive action” and called on the agency to “get a grip” on corporate tax avoidance. A spokesman for HMRC said the agency “ensures that multinationals pay the tax due in accordance with UK tax law”. The French tax authority in 2012 proposed increasing Google’s income taxes by about $1.3 billion. The agency searched Google’s Paris offices in June 2011 and removed computer files as part of an examination first reported by Bloomberg last year. Google is cooperating with French authorities and works with them “to answer all their questions on Google France and our service,” the company said. In Italy, the Tax Police began an audit of Google in November 2012 and recently searched the company’s Milan offices, as well as the offices of Facebook, according to a person familiar with the matter. “It’s very common for companies to be audited, and we have been working closely with the Italian authorities for some time,” Google said. “So far we have not had any demands for additional tax in Italy.” Facebook, based in Menlo Park, California, is cooperating with the Italian tax authority and “we take our obligations under the Italian tax code very seriously,” a company spokeswoman said. In Google’s case, an Irish subsidiary collects revenues from ads sold in countries like the UK and France. That Irish unit in turn pays royalties to another Irish subsidiary, whose legal residence for tax purposes is in Bermuda. The pair of Irish units gives rise to the nickname “Double Irish”. To avoid an Irish withholding tax, Google channeled the payments to Bermuda through a subsidiary in the Netherlands — thus the “Dutch Sandwich” label. The Netherlands subsidiary has no employees. The Dutch unit’s payments to the Bermuda entity in 2011 were up 81 percent to $9.8 billion from $5.4 billion in 2008. Google’s overseas sales have increased at about the same rate. Google’s overall effective tax rate dropped to 21 percent last year from about 28 percent in 2008. That compares with the average combined US and state statutory rate of about 39 percent.

2016. February 19. Reuters. Google moved euro 10.7 billion euros ($12 billion) through the Netherlands to Bermuda in 2014, as part of a structure which allows it to earn most of its foreign income tax free. Accounts for Google Netherlands Holdings published on Thursday show the unit transferred almost all its revenue, mainly royalties from an Irish affiliate through which most non-US revenue is channelled, to a Bermuda-based, Irish-registered affiliate called Google Ireland Holdings. The tax strategy is known to accountants as the “double Irish, Dutch Sandwich”. It allows Google, now part of holding company Alphabet Inc, to avoid triggering US income taxes or European withholding taxes on the funds, which represent the bulk of the group’s overseas profits. A Google spokesman said the company follows the tax rules in all the countries where it operates. The decade-old arrangement allowed Alphabet to enjoy an effective tax rate of just 6 per cent on its non-US profits last year, around a quarter the average tax rate in its overseas markets. Bermuda charges companies no income tax. Corporate tax avoidance has risen to the top of the political agenda in European in recent years and Google in particular has been under pressure for the low tax it pays on profits generated from sales in the continent. Last week Google was called to testify to a UK parliamentary committee about a £130 million ($186 million) back tax bill, agreed with the British tax authority in January, that the Opposition Labour party described as “derisory”. The deal brought Google’s total British tax bill for 2005 to 2015 to around £200 million, whereas its UK revenue amounted to £24 billion. Google Netherlands Holdings NV, which has no employees, had a Dutch tax bill of just euro 2.8 million, its accounts showed.

2013. October Internet giant Google revealed its Dutch arm funneled nearly $12 billion to Bermuda to avoid paying tax on its profits. Google Netherlands Holding raked in $1.6 billion from its Irish sister company and $315 million from Singapore. Most of the money was then channeled to Google Ireland Holdings, also Bermuda-based firm. The scheme reduced Google’s effective corporate tax rate to five percent — most of which is paid in Ireland, which has relatively low tax rates.

Since 10/29/2001. Cumberland House, 9th Floor,  1 Victoria Street, Hamilton HM FX. Tel: +1-441-295-4630. Fax: +1-441-292-7880. C/o Cox Hallett Wilkinson. A Bermuda-based and headquartered oil company, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq. Not the owner of but has a 75% working interest in the Shaikan-1 well located near the Northern Iraqi city of Dihok, and other wells. CEO and founder is American Todd Kozel.