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