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Uber Car Sharing has surprised the market by announcing the transfer of its official home from Bermuda Islands, where it pays no taxes to a real head office in the Netherlands, where it will pay a very small tax bill.
The US tech giant's move in the opposite direction: forcing a company to pay taxes when it can not pay, but in response to the war waged by the European Union and the Cooperation Organization International tax havens all year round and various forms of tax evasion, especially for technology companies, A popular combination of accounting tricks and complex property rules.
During the March operation, the Dutch authorities deducted up to $ 6.1 billion a year from their profits, which means that the company might not pay tax for a much of its business, said Bloomberg.
As a result of the efforts of the European Union and the International Cooperation Organization, the popularity of tax havens in the Caribbean islands, such as Bermuda, has decreased in favor of tax cuts like the Netherlands, Ireland and Singapore.
The San Francisco-based company received a tax rebate before it went public in May, as it had moved some of its branches abroad to different countries because of the new European rules governing multinationals.
The $ 6.1 billion reduction came from an increase in the value of intellectual property transferred by Uber between its subsidiaries abroad, according to the company's first quarterly report. When the value of an intangible badet increases, tax deductions increase over time.
"It is safe to say that Uber will not pay taxes in the near future," said Robert Wellens, an independent tax and accounting expert in New York.
This reduction can only be applied to the company's tax bill in the Netherlands, a tax-reduction center favored by multinationals, but it will certainly reduce the company's overall tax bill. if it becomes profitable. At the same time, the company can use its losses in the United States to reduce the losses. American
According to Bloomberg, Uber is not the only US company to move its business units around the globe in accordance with OECD rules, and it is asking multinationals to justify the business purpose of their business to l & # 39; abroad.
Uber moved to the Netherlands in March when she withdrew her intellectual property from a paperless entity in Bermuda and integrated her into a Dutch entity under the control of a Singapore holding company. . According to documents from the Dutch Chamber of Commerce, dozens of other Uber entities are available.
However, according to Bloomberg, the amount of tax savings took the experts by surprise.
Wellnes, a tax expert, has called the $ 6.1 billion rebate "unusual" for a market value of about $ 73 billion, and another expert in taxation and independent accounting Frank Vary, in Boston, says "surprised" that the discount is "This big."
A spokesman for Uber said: "The securities have been mixed to meet the demands of the new global tax environment".
He mentioned the OECD rules to prevent technology companies and pharmaceutical companies from using companies registered in tax havens to reduce their profits in countries with high tax rates.
Technology companies have always worked hard to keep tax bills low, and relatively low annual profits have allowed Amazon's e-commerce giant to cut taxes and reinvest. in new projects. This strategy was synonymous with strong growth and low taxes.
In the United States, Uber has identified operating losses of more than $ 10 billion over the past three years, which will allow it to reduce future US tax bills.
In its second quarter report released Thursday, Uber announced a net loss of $ 5.2 billion, while its sales were lower than stock-based compensation estimates and costs during its bid.
The loss, which reduces taxable income, will save the corporation about $ 1 billion in federal taxes, about $ 220 million in taxes, or a total of about $ 1.2 billion, more $ 6.1 billion it will not pay in the Netherlands.
He added that the Dutch interest of 6.1 billion dollars from the last Uber invoice has no expiration date, better than the US losses that could not be postponed after recent amendments to Trump's tax legislation.
Uber's measures suggest that the Republican tax law, which brought the corporate tax rate down to 21% from 35% to 21%, has not encouraged companies to transfer their property and their profits in the United States because they can still pay lower taxes by keeping certain entities abroad. .
Tax rates in the Netherlands and Singapore are lower than the new US rate of 21% and the corporate tax rate in the Netherlands is 25%, although income from intangibles such as royalties and license fees, are only taxed at 7%. Singapore holds 17%, although some companies may benefit from incentives and other measures.
The company, founded by Uber in the Netherlands, is badociated with property rights, licenses and trademarks that support its operations in 63 countries at the end of last year.
A spokesman for Uber said the company "remains committed to openness and transparency with tax authorities around the world, while remaining consistent with the laws in place in many jurisdictions in which we operate. "
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