European regulators have slapped Amazon with a bill for 250 million euros (about £220 million, $294 million or AU$370 million) in unpaid taxes.
The on-line big was discovered by the European Commission to have an unlawful cope with Luxembourg since 2003, which allowed the US firm to maneuver cash between its subsidiaries so income had been taxed there as an alternative of a rustic with a better company charge.
“Almost three quarters of Amazon’s profits were not taxed,” stated European Commissioner Margrethe Vestager in an official assertion. “Amazon was allowed to pay four times less tax than other local companies subject to the same national tax rules. This is illegal under EU State aid rules. Member States cannot give selective tax benefits to multinational groups that are not available to others.”
Submitted October 04, 2017 at 08:58AM by gambit270 http://ift.tt/2fKVXWD
