MOUNTAIN VIEW, California (CBS/AP) — Google will pay about $140 million in British back taxes in a concession driven by a shift in how the Internet company will measure its success in the United Kingdom.
The terms disclosed Friday translate into 130 million pounds, a small sum for a business as prosperous as Google and its corporate parent, Alphabet Inc. The Mountain View, California, company has about $73 billion in cash.READ MORE: San Francisco Supervisor Joins Calls For Emergency Funding At City College Amid Looming Layoffs
Britain is one of Google’s biggest markets outside the U.S., but the company has minimized its taxes in the country by keeping its European headquarters in Ireland, where tax rates are lower.READ MORE: Oakland Unveils City’s Tallest Mural, Spotlighting World Hunger
That tactic has spurred accusations that Google has been evading taxes.
Google says it will now base its British tax bill on U.K. advertising sales instead of just profit.MORE NEWS: COVID Reopening: San Jose Sharks Welcoming Fans Back At SAP Center April 26; Testing Or Vaccination Required
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