Google Looks To Get OZ Profits They Never Made Back Into The USA

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Google, who claims to have made little if any profits in Australia by operating via an Irish company structure, is now looking to repatriate billions of dollars of cash back to the USA, along with Microsoft and Apple.Also looking to join Google is Microsoft who has $29 billion in cash offshore and is looking for a “tax holiday” to bring the money back into the USA without paying “excessive” tax.

TechFlash in Seattle said that Microsoft is among a host of major U.S. corporations, including tech giants Apple and Google that have huge stockpiles of cash offshore. The cash comes from overseas operations — and in some cases accounting practices that shift domestic profits to countries with lower tax rates, according to a report in Monday’s New York Times.

The Times article explores the lobbying efforts going on by Microsoft and other companies to get Congress to approve a so-called “tax holiday” to allow the companies to move the profits to the U.S. Without the tax holiday, the companies would have to pay a hefty tax to use the money in the U.S. to invest in hiring or to pay shareholder dividends and stock buybacks.

Microsoft general counsel Brad Smith recently noted that Microsoft is using its offshore cash to purchase Luxembourg-based Skype for $8.5 billion.

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