Eric Schmidt: "I'm proud of our tax avoidance scheme...it's called capitalism"

Eric Schmidt: "I'm proud of our tax avoidance scheme...it's called capitalism": Fuck yea. The...

The head of the internet giant Google has defiantly defended his company’s tax avoidance strategy claiming he was “proud” of the steps it had taken to cut its tax bill which were just “capitalism”. In an interview in New York Eric Schmidt, Google’s Chairman, confirmed the company had no intention of paying more to the UK exchequer. Documents filed last month show that Google generated around £2.5 billion in UK sales last year but paid just £6m in corporation tax. The Californian based search giant has also been revealed to have sheltered nearly $10bn of its revenues in Bermuda allowing it to avoid some $2bn in worldwide income taxes in 2011. But Mr Schmidt said such schemes were legitimate and the company paid taxes “in the legally prescribed ways”. “I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operat...

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