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Business quote of the day: “I am very proud of the [tax] structure that we set up.”

New Statesman

“I am very proud of the [tax] structure that we set up.”                     

Eric Schmidt, chairman of the internet giant Google, defended his company’s record on tax, saying “it’s called capitalism.” In an interview in New York, Schmidt said he had no intention of copying Starbucks and making any extra tax payments to the Exchequer, after facing criticism for only paying £6m in corporation tax last year.