'It's called capitalism': Google boss says he is 'proud' of the company's multi-million pound tax avoidance scheme

The Daily Mail
Dec. 13, 2012

The boss of Google last night said he was ‘very proud’ of the elaborate structure that helped the search giant slash more than £200million from its UK tax bill last year.

Taxpayers were left to fund the shortfall after Google contributed just £6million to government coffers – despite making sales of £2.6billion.

MPs on the influential Public Accounts Committee last month slammed the group’s methods as ‘immoral’.

But when asked about the arrangement which saw the group funnel billions of pounds to Bermuda, a renowned tax haven, the company’s chairman Eric Schmidt said: ‘It’s called capitalism.’

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