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Google Overseas Tax Bill Rises As UK Sales Hit $5.6 Billion

wochit business
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February 13, 2014 AT 10:53 AM
Google said its overseas tax bill rose sharply in 2013, while sales in Britain, its biggest foreign market, hit a record $5.64 billion. Google said in its 10-K annual report filed on Wednesday that its overseas tax charge, including deferred taxes, was $743 million in 2013. While this was up from $432 million for 2012, its tax rate on foreign earnings was just 8.6 percent in 2013 -- around a third the headline rate in its main non-U.S. markets. Google earned 60 percent of its profits outside the United States last year, even though foreign sales were just 55 percent of revenues.