Uber Technologies Inc., responding to a European crackdown onoffshore tax havens, created a US$6.1 billion Dutch tax deductionthat will help the company reduce a chunk of its global tax billfor years to come.
San Francisco-based Uber generated the outsized deduction beforeits initial public offering (IPO) in May because it moved some ofits offshore subsidiaries to different countries as a result of newEuropean Union rules governing multinational companies.
The $6.1 billion deduction came through an increase in the valueof intellectual property that Uber transferred between its offshoresubsidiaries, according to the company’s first quarterly filing.When an intangible asset increases in value, so do the taxdeductions that come with its use over time.
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