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Google Ireland agrees to settle income and tax of 345 million

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Technology giant Google Ireland has agreed to settle revenues and 218 million taxes this year, according to a document just submitted. It formed part of the 622 million corporate tax bill detailed in Financial Accounting for 2020.

Google Ireland also paid 127.2 million interest on revenue, with a complete settlement of 345.2 million, according to company documents.

In 2021, Google paid its immediate parents an interim dividend of $ 3 billion. The company is ultimately owned by Alphabet.

Accounting also shows that for the first time in 2020, tech giants’ wage claims exceeded 500 million and employees paid an average of over 120,000.

Google Ireland Ltd’s 2020 revenue was $ 48.4 billion, an increase of $ 2.7 billion from $ 45.7 billion in the previous year.

Profit before tax totaled 2.85 billion, compared to 1.94 billion in 2019. The company paid a total of 622.3 million taxes in 2020, with 2.23 billion in reserves.

The notes contained in the accounting allow tax settlement. Following the end of the year, the company agreed to resolve certain tax issues related to previous years. This tax obligation and related interest will be recognized in the current fiscal year.

Details of the settlement were not provided to the account and the company refused to comment on this issue.

Labor costs

Personnel costs increased from 617.9 million in the previous year to 754 million. This includes wages and salaries, a surge from 427.7 million in 2019 to 520.9 million.

The average number of people directly employed by Google Ireland has increased from 3,949 in the previous year to 4,314.

Administration costs increased from 29.7 billion to 33.6 billion, primarily due to increased headcount and additional royalty costs. The cost of goods sold, which consists of traffic acquisition costs, has decreased from $ 14.3 billion to $ 12 billion.

2020 was another powerful year for Google Ireland. A spokeswoman for Google has played a key role in the success of Google’s EMEA business for the past 18 years and continues to invest in Irish businesses and support Irish businesses, a spokeswoman for the company said.

Sources

1/ https://Google.com/

2/ https://www.irishtimes.com/business/technology/google-ireland-agrees-345m-tax-settlement-with-revenue-1.4738798

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