8.9 C
Brussels
Thursday, November 14, 2024
EuropeEU court scraps Amazon's $303M EU tax order

EU court scraps Amazon’s $303M EU tax order

DISCLAIMER: Information and opinions reproduced in the articles are the ones of those stating them and it is their own responsibility. Publication in The European Times does not automatically means endorsement of the view, but the right to express it.

DISCLAIMER TRANSLATIONS: All articles in this site are published in English. The translated versions are done through an automated process known as neural translations. If in doubt, always refer to the original article. Thank you for understanding.

Newsdesk
Newsdeskhttps://europeantimes.news
The European Times News aims to cover news that matter to increase the awareness of citizens all around geographical Europe.

Europe’s second-top court on Thursday annulled an EU order to Amazon to pay about 250 million euros ($303.28 million) in back taxes to Luxembourg, part of an EU crackdown against unfair tax deals between multinationals and EU countries.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The Luxembourg-based General Court said Amazon had not enjoyed a selective advantage in its tax deal with Luxembourg.

Ticker Security Last Change Change %
AMZN AMAZON.COM, INC. 3,223.91 +33.42 +1.05%

“The Commission did not prove to the requisite legal standard that there was an undue reduction of the tax burden of a European subsidiary of the Amazon group,” judge said.

AMAZON DELAYS PRIME DAY IN 2 COUNTRIES AS COVID-19 CASES SURGE

The European Commission in its 2017 ruling said the Grand Duchy spared the U.S. online retailer from paying taxes on almost three-quarters of its profits from EU operations by allowing it to channel profits to a holding company tax-free.

CLICK HERE TO READ MORE ON FOX BUSINESS

The cases are T-816/17 Luxembourg v Commission & T-318/18 Amazon EU v Commission.

($1 = 0.8243 euros) 

(Reporting by Foo Yun Chee and Marine Strauss)

- Advertisement -

More from the author

- EXCLUSIVE CONTENT -spot_img
- Advertisement -
- Advertisement -
- Advertisement -spot_img
- Advertisement -

Must read

Latest articles

- Advertisement -