 Hi, this is Waylon. Much has been written in the press about how major US tech companies like Google are able to pay very little tax on their profits from non-US operations. For example, Google has been reported to be paying as little as 5% on their net profit from their operations outside of the US. A specific international tax planning strategy that companies like Google and others have been reported to use is something called the Double Irish Dutch Sandwich. So we'll go through the mechanics of what that Double Irish Dutch Sandwich involves, where the Irish comes from and where the Dutch comes from. So we start with the US parent corporation, a company like Google or other major tech company. So that US parent corporation pays US income tax. The US parent corporation forms a subsidiary in Ireland. So it's incorporated in Ireland, but the corporation is resident for tax purposes in Bermuda by having the management and control resident in Bermuda. So we call that the Irish Bermudian Holdcoe. And that Irish Bermudian Holdcoe forms a Dutch holding company. So that's in the Netherlands. So that's a holding company. And also the Irish Bermudian Holdcoe forms an operating company in Ireland. So the first step using this structure is that the US parent licenses some piece of intellectual property. It could be, let's say, the rights to use the software for a search engine or other technology. So that's licensed to the Irish Bermudian Holdcoe. And there will be an agreed royalty rate that will be paid to the US parent corporation by the Irish Bermudian Holdcoe. The second step is that that that IP licenses is sub licensed down to the Dutch Holdcoe. And then the Dutch Holdcoe sub licenses again to the Irish Holdcoe. And the Irish Holdcoe uses that that intellectual property to earn business revenue from various operations, which are based outside outside the US. So it could be Europe or the Middle East or Africa or anywhere else. So the Irish Holdcoe earns earns that business revenue. And that Irish Opcoe because of Irish law pays little or no Irish tax, because they're able, they have to claim that revenue as income in Ireland, but they're also able to claim a deduction of the royalties that it will pay for the sub license to the Dutch Holdcoe. And under Irish tax law, there's no there's no withholding tax on that payment of royalty from the Irish Opcoe to the Dutch Holdcoe. So there's no there's no tax involved there. And that Dutch Holdcoe does pay Dutch tax on on their net income, which would include the royalties. But that that those royalties, that royalty income is offset by deductions for royalties that the Dutch Holdcoe pays to the Irish Bermudian Holdcoe. And that and that payment from the Dutch Holdcoe to the Irish Bermudian Holdcoe is is not subject to any withholding tax, because under Dutch law, it's withholding tax does not does not apply. The next step then is that with that money, or at least with with a part of that money, the Irish Bermudian Holdcoe pays royalties to the US Parent Corp as per their their original license agreement. So the US Parent Corp would pay US tax on on the net income from those from those royalties. But the net effect of this whole structure is that most of the income from this non from the non US operations ends up in in this Irish Bermudian Holdcoe, which because it's tax resident in Bermuda is not subject to any to any corporate tax. So that so that money in that Irish Bermudian Holdcoe is reinvested in the non US operations of of this multinational corporation. So the money is not brought back to to the US. It stays outside the US and is reinvested in in the non US operations. I hope you found that interesting.