Google's boss Schmidt says firm's 'tax avoidance is called capitalism'

London, Dec 13 (ANI): Google's boss Eric Schmidt has said that he is 'very proud' of the company's tax structure, and that measures to lower the firm's payments were just 'capitalism'.

Schmidt's comments came after UK lawmakers accused Google of conducting 'immoral tax practices' after it emerged that the firm funnelled 9.8 billion dollars of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill.

Schmidt, however, defended the company's legitimate tax arrangements, the Telegraph reports.

"We pay lots of taxes; we pay them in the legally prescribed ways," he told Bloomberg.

"I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate. It's called capitalism. We are proudly capitalistic. I'm not confused about this," he added.

According to the paper, the UK Business Secretary Vince Cable, was unimpressed by Schmidt's comments.

"It may well be [capitalism] but it's certainly not the job of governments to accommodate it," the paper quoted him, as saying. (ANI)

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