TAX AFFAIRS OF GOOGLE

That this House is alarmed at the elaborate and complex structure constructed by internet company, Google, in order to push revenues offshore and halve its global tax bill; notes with concern that using this structure Google have funnelled £6 billion through the tax haven of Bermuda, paying just £6 million amounting to 0.01 per cent of the total in corporation tax in the UK; further notes that Google has almost doubled the amount of money it is diverting offshore in the past three years; is concerned that Google chairman Eric Schmidt acknowledged he was very proud of the structure which enabled the company to pay such little tax; welcomes the Prime Minister's initial attempts to bring world leaders together to tackle the issue of tax avoidance; and calls on the Government to use the UK presidency of the G8 to put real pressure on corporations that avoid paying tax.