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 could see.
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. He 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 revenue registered in the Netherlands, UK, Germany, France, Italy, Spain, Poland and Sweden.
Amazon has been subject to a magnifying glass by European regulators over its taxes for some time. 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 company generated global profit of $33.4 billion, compared to $21.3 billion in the previous year. The company does not break down e-commerce profits and revenue by country.
Amazon says in response to paying corporate taxes across Europe. It would be hundreds of millions of dollars. The €1 billion tax advantage Amazon would have appears to be related to the adjustment of losses as the rules allow.
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. He 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 revenue registered in the Netherlands, UK, Germany, France, Italy, Spain, Poland and Sweden. Amazon has been subject to a magnifying glass by European regulators over its taxes for some time. 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 company generated global profit of $33.4 billion, compared to $21.3 billion in the previous year. The company does not break down e-commerce profits and revenue by country. Amazon says in response to paying corporate taxes across Europe. It would be hundreds of millions of dollars. The €1 billion tax advantage Amazon would have appears to be related to the adjustment of losses as the rules allow.
