‘Dutch sandwich’ grows as Google shifts €8.8bn to Bermuda - FT.com: "In principle, multinationals such as Google that pay relatively little tax overseas will face big bills in the US when they bring their earnings back to the US. But Google has not provided for extra US tax because it intends to permanently reinvest $33bn of offshore profits outside the US. The new figures come from the accounts of Google Netherlands Holdings, which represents the “Dutch sandwich” part of the tax structure. It received €8.6bn in royalties from Google Ireland Ltd and €232.8m in royalties from Google’s Singapore operation. All but €10.4m of this was paid out to Google Ireland Holdings, a company that is incorporated in Ireland but controlled in Bermuda."