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General

EU to investigate Amazon's tax deal with Luxembourg - report

Tuesday 7 October 2014 | 10:01 CET | News
The European Commission is set to launch an official investigation into Amazon's unorthodox tax deal with Luxembourg, reports the Financial Times, citing unnamed sources familiar with the case. The "formal, in-depth probe" relates to allegedly favourable terms given to Amazon under a 2003 tax ruling, which artificially reduced the retailer's overall tax bill to less than 1 per cent of its European income. The EC's central contention is that the Grand Duchy allowed Amazon to misallocate profit within its corporate structure, in a way that fell short of standards expected of an arms-length

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Categories: General
Companies: Amazon / Apple / European Commission
Countries: Europe
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