Amazon did not pay taxes in Europe –

Amazon did not pay taxes in Europe -

It is said that Amazon’s European web store division did not pay any taxes for 2021. Bloomberg reported this on the basis of documents it has seen.

The turnover of the European part of the American company was 51.3 billion euros last year, but its deficit was 1.2 billion euros below the line. As a result, the company will not owe any income tax. The company would also have received a tax benefit of 1 billion euros.

Sales of the Luxembourg-based European retail branch increased by 17 percent year-on-year. Amazon EU Sarl includes sales made in the Netherlands, UK, Germany, France, Italy, Spain, Poland and Sweden.

pay taxes

Amazon has been subject to a magnifying glass by European regulators for a long time due to paying taxes. The Seattle company previously won an appeal over a $250 million tax bill. This was imposed by the regulators because they believed the agreements with Luxembourg in 2003 amounted to illegal state aid. It opposed the second highest court in the European Union. The European Commission has lodged an appeal.

Documents seen by Bloomberg provide rare insight into Amazon’s regional finances. In 2021, the group’s income was $33.4 billion, compared to $21.3 billion in the previous year. The company does not break down e-commerce revenue and revenue by country.

Amazon says in response to paying corporate taxes across Europe. This will cost hundreds of millions of dollars. The tax advantage of 1 billion euros for Amazon is related to the adjustment of losses as allowed by the rules.

See also  The e-bike looks like a moped and can go really fast, Fietsersbond wants to ban

Leave a Reply

Your email address will not be published.