Google boss 'proud' of tax avoidance
Eric Schmidt says despite criticism from MPs he has no intention of paying anymore tax
Google chairman Eric Schmidt has told Bloomberg he is "very proud" of the tax avoidance structures set up by the internet search giant and he has no intention of paying any more UK tax than necessary, despite criticism from MPs.
There was nothing illegal about Google's tax avoidance plan which means it paid corporation tax of only £6m on UK revenues of £2.5 billion. "It's called capitalism," said Schmidt. "We are proudly capitalistic. I'm not confused about this."
Business Secretary Vince Cable responded "It may well be [capitalism] but it's certainly not the job of governments to accommodate it," reports The Daily Telegraph.
Google also launched a new mapping app for the Apple iPhone yesterday. The latest version of iPhone software removed Google's maps and substituted a very unpopular and bug-filled Apple alternative.