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English: Eric Schmidt, Executive Chairman of Google Inc., at the press conference about the e-G8 forum during the 37th G8 summit in Deauville, France. (Photo credit: Wikipedia)
In a BBC interview, Google boss Eric Schmidt defended his company’s practice of using tax loopholes to pay less taxes claiming the company’s total contribution to UK’s overall economy is more important than the tax it paid to the government. In 2011, Google only paid 6 million pounds in taxes out the 6 billion pounds of revenue generated in UK.
Schmidt claims it invested “literally billions of pounds of start-ups” and citing the “electronic commerce expansion in Britain… is driving a lot of economic growth.” The Google CEO pointed out that they are not breaking any law and will comply with the law still should the law changes. He added the fact that their British employees pay British taxes driving a lot of GDP.
The Members of Parliament are not happy with Schmidt that they condemned his interview and are now calling for his role as government adviser to be revoked. An MP from Dover commented, “The key point for corporation tax is that businesses that make profit in the UK pay a fair share of that in tax. Mr. Schmidt says Britain has been a good market for his company, why has it paid such a little tax.”
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