Two hundred French police raid Google over unpaid taxes as it's revealed firm may owe nearly $2 BILLION!
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Your favorite brands may be in trouble for tax evasion. Over a hundred police officers and another hundred support personnel have raided Google's headquarters in France as part of an investigation into the company's taxes. Google is one of many brands that may owe billions in taxes around the world.
Police have raided the Google headquarters in Paris, seeking evidence of tax evasion.
LOS ANGELES, CA (California Network) - French authorities have raided Google's headquarters in Paris, seeking to gather evidence of tax evasion. The company may owe more than $1.7 billion in unpaid taxes to the French government.
The raid took place today with over 200 police, computer experts and magistrates swarming the facility to scour computers and offices for records that could yield evidence of tax evasion.
While Google is the target for today, European authorities have accused several other major brands of evading taxes in Europe. Apple, Amazon, and Starbucks have all been accused of avoiding European taxes.
With the advent of globalization, businesses have gone international in an effort to reduce their tax liabilities. These efforts can include processing payments overseas to avoid reporting profits in countries with high tax liabilities.
Consumers are beginning to realize that the complex web of international finance allows mega-corporations to evade taxes, which effectively shifts tax burdens onto individual taxpayers. Middle classes, especially in countries like the United States, are being taxed into oblivion at a time when wages are low and prices are rising. However, the poor have their subsidies and the wealthy enjoy the fruits of socialism-just for them.
However, the people of many countries, particularly in the European Union, are weary of giving these financial behemoths a free ride. As French police raid Google's Paris headquarters, British authorities are taking a second look at a tax deal made with the firm in the UK. Britian accepted a negotiated settlement with Google that resulted in the firm paying just $200 million for a decade's worth of unpaid taxes.
There is no estimate of the global impact of corporate tax evasion around the world, but it's likely to range into the trillions of dollars.
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