Google Keeps $30bn Stash Offshore
The top Web search engine generates about half of its revenue outside America, and avoids paying US taxes by keeping foreign earnings offshore. In a filing with the US Securities and Exchange Commission, Google said it needs the cash for deals as competition increases overseas.
“We continue to expect substantial use of our offshore earnings for acquisitions as our global business has expanded into other product offerings like mobile devices,” according to the filing.
“It is reasonable to forecast that Google needs between $20 and $30 billion of foreign earnings to fund potential acquisitions of foreign targets and foreign technology rights from US targets in 2013 and beyond.”