According to Bloomberg, €14.9bn was shifted through Google’s Dutch subsidiary, Google Netherlands Holdings BV, before going on to a Bermuda shell company.
This figure was 40% higher than the company shifted through the same structures in 2014. Alphabet, Google’s parent company moves most of its non-US profits through the controversial Dutch subsidiary, which has no employees.
The filings were made available online earlier this week, and were first reported by Dutch newspaper Het Financieele Dagblad, Bloomberg said. Most of the money (€12bn) came from Google Ireland Limited, which collects most of Google’s international advertising revenues.
The rest came from a subsidiary in Singapore. The Dutch holding company then transfers this to another Irish entity, Google Ireland Holdings Unlimited, physically based in Bermuda, which licences Google’s intellectual property outside the US, Bloomberg added.