(Bloomberg) Google saved $2.4 billion in worldwide taxes in 2014 by shifting 10.7 billion euros ($12 billion) in international revenues to a Bermuda shell company, Alphabet Inc., the parent of the Web-search provider, regulatory filings show.

The amount Google moved through its Dutch subsidiary, Google Netherlands Holdings BV, and then on to Bermuda represents the bulk of its profits overseas. The amount transferred to Bermuda was 16 percent greater than the prior year, according to documents the subsidiary filed with the Dutch Chamber of Commerce on Feb. 4 and made available this week. The filing was first reported by the Dutch magazine Quote.

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