Amazon paid no corporation tax in Europe last year despite E44bn sales

[Eugene]

Source: The Irish Times

Amazon paid no corporation tax in Europe last year despite €44bn sales

Commission will ‘continue to monitor Amazon’s behaviour with respect to corporate tax’

50 minutes ago
Naomi O’Leary Europe Correspondent

Online retailer Amazon paid no corporation tax on its operations in Europe in 2020 despite enjoying record sales income of €44 billion, corporate filings have revealed.

The figures are fuelling scrutiny of the internet giant’s tax arrangements as its revenues were boosted by a shift towards online shopping during the Covid-19 pandemic that helped Amazon double its profits in the United States last year.

Corporate filings in Luxembourg, home to the internet giant’s EU headquarters, showed that Amazon EU Sarl had record sales income of €44 billion last year but that it paid no tax to the Grand Duchy as its unit there reported a loss of €1.2 billion.

The retailer was further granted €56 million in tax credits due to the loss, adding to an accumulation of €2.7 billion in losses carried forward, which can be used to offset future tax bills if the company does report profits in the future.

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Read more: https://www.irishtimes.com/business/economy/amazon-paid-no-corporation-tax-in-europe-last-year-despite-44bn-sales-1.4554939

[jimfields33]

1. Europe made the deal with them.

I guess when the contracts up changes will be made.