Google, owned by Alphabet Inc (NASDAQ:GOOGL), is not legally accountable to pay 1.1 billion euros in back taxes claimed by the French authorities, according to a French court ruling on Wednesday.
The court delivered a verdict according to which Google Ireland was not liable to pay corporate and value-added taxes for the claimed period i.e from 2005 to 2010. The ruling followed a recommendation by a court adviser that Google didn’t have a sufficient taxable presence to defend the bill.
In response to the Paris administrative court decision, the French finance ministry said it is planning to lodge an appeal within a couple of months.
Alphabet (GOOGL) shares jumped 1.48 percent to $967.66 in the last trading session. The stock has performed well in the recent times, as it surged nearly 35 percent over the past year and 22 percent so far this year. The 52-week range of the stock is $727.50-$1,008.61. The company’s market cap is $662.88 billion and P/E ratio of 32.68.