Skip to main content

The Guardian: “Amazon given €294m in tax credits as European revenues jump to €32bn”

The Guardian: “Amazon given €294m in tax credits as European revenues jump to €32bn”

Amazon pickup & returns building
Company says it made a loss last year due to investment and the competitive marke
Amazon received €294m (£258m) in tax credits last year that it can deduct from future bills for its European business, as revenues at the online retailer rose significantly to €32bn.
The company said it received the tax credits because it made a loss last year due to its investment programme and the highly competitive retail environment across Europe and the UK.
Amazon Europe made a pre-tax loss of €983m, before taking into account the tax credit, while revenues rose 15% year on year to €32bn. The company paid out €166.6m in licence and royalty payments, partly to affiliated businesses. Tax campaigners suggest such payments help reduce profits and tax payments in particular territories.
“Amazon pays all the taxes required in every country where we operate,” said a spokesman for the company. “Corporate tax is based on profits, not revenues, and our profits have remained low given our heavy investments and the fact that retail is a highly competitive, low-margin business.”
EU legislators got tough after years of relatively low tax payments by the US-based tech firm. In 2018, Amazon received €241m in tax credits on European revenues of €28bn. In 2017, Amazon paid €55m in tax on European revenues of €24.9bn, and €16.5m on revenues of €21.6bn in 2016.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Who expands commercial vehicle battery business in Europe?

Who expands commercial vehicle battery business in Europe? The Chinese battery giant CATL has just signed a deal to provide VDL Bus & Coach with its high energy density battery system based on its standardized LFP-CTP (Cell to Pack) product platform. Furthermore, CATL appointed Quantron as its authorized sales and service partner for commercial vehicles and industrial applications in Europe. Firstly to CATL SME business in Europe: As an importer, Quantron is now authorised to supply batteries in Europe as a dealer for CATL. The German company specialises in the electrification of commercial vehicles and is now responsible for CATL battery sales and after-sales partner for commercial vehicles and industrial applications. Quantron will also rely on CATL batteries for its own retrofits in the future. According to CATL, its cooperation with Quantron is not intended to reach large OEMs – the Chinese company will continue to do this business directly. Such a deal has just bee...
Post a Comment
Read more

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv The European Union could finance a recovery fund worth up to €1.5 trillion with bonds guaranteed by member states, European Commission Vice President Valdis Dombrovskis told German newspaper Handelsblatt. EU finance ministers last week agreed on a package of measures worth half a trillion euros to cushion the blow of the coronavirus pandemic but left unresolved the most contentious question of how to share the financial burden. The ministers also kicked into the long grass the question of how to pay for a temporary recovery fund for Europe because it goes to the heart of a disagreement over jointly issued debt. Asked about the possibility of financing such a fund with bonds amounting to up to 1.5 trillion euros, Dombrovskis said in an interview with Handelsblatt published Tuesday (14 April): “I could imagine such a financial framework. But nothing has been decided yet.” He said the recovery f...
Post a Comment
Read more

France is latest to unveil lockdown exit

France is latest to unveil lockdown exit More than half of humanity is under some sort of lockdown to stem the spread of the deadly pandemic, which has tipped economies toward a bruising global downturn. Over three million people are now infected worldwide and more than 211,000 have been killed since the virus first emerged in China late last year.  France said on Tuesday that shops, markets and some schools could reopen next month, the latest country to ease coronavirus restrictions as nations tread a fine line between allowing stalled economies to recover while staving off a new contagion. In France, Prime Minister Edouard Phillipe said would begin to be eased from May 11 -- some shops and markets could resume business, and primary schools and daycare centres would reopen gradually.  Face masks will be required on public transport, he said, and work-from-home orders will stay in place for several more weeks.  Meanwhile, Russia will consider a gradual e...
Post a Comment
Read more