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‘It’s called Capitalism’ says Eric Schmidt

Google chairman proud of low tax bill

Google’s chief executive Eric Schmidt has said he’s proud of the company’s tax bill, which is kept low by funnelling accounts through a Bermuda shell company.

In an interview with Bloomberg, Schmidt simply stated: “It’s called Capitalism. We are proudly capitalistic. I’m not confused about this.”

Google is currently facing investigations in Italy, France, the UK and Australia as Governments struggle to improve tax revenue.

However, Schmidt is adamant that the methods used to avoid paying tax are entirely legal, and that the company is right to take advantage of opportunities to save money.

“We pay lots of taxes; we pay them 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 operate.”

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