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Tuesday, 27 May 2014 07:30

Google holding $30bn outside the US

Written by Fudzilla staff



Stash your cash somewhere warm

Search giant Google is keeping more than $30 billion in offshore accounts, according to a recent regulatory filing. Google informed regulators that it could use the stash for possible acquisitions. 

Many tech giants keep a sizable portion of their cash outside the US. In fact, US companies added more than $200 billion to their offshore accounts last year. Google generates about half its revenue outside the US and it sees no need to bring the money stateside and pay tax. 

According to the Dispatch, Google told regulators in late 2013 that it expects “substantial use” of its offshore earnings to fuel new acquisitions and expansion. 

“It is reasonable to forecast that Google needs between $20?(billion) to $30 billion of foreign earnings to fund potential acquisitions of foreign targets and foreign technology rights from U.S. targets in 2013 and beyond,” the company said.

At the end of 2013 Google held $33.6 billion out of its $58.7 billion stockpile in offshore accounts. Much of it is stashed away in Ireland, which is not very sunny, or exotic, but at least it’s an island.

Fudzilla keeps its cash reserve, estimated at tens of dollars, on Johnston Atoll, along with extensive stash of anthrax spores and a few canisters of Agent Orange. You know, for gardening... and stuff. 

Fudzilla staff

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