The Office Times

Amazon hit by 250 million euro fine

Amazon has been fined 250 million euros by the European Commission, which said that the online giant had received illegal tax benefits between 2006 and 2014.

Margrethe Vestager, the EU's commissioner for competition released a statement saying: "Luxembourg gave illegal tax benefits to Amazon. As a result, almost three quarters of Amazon's profits were not taxed.

"In other words, Amazon was allowed to pay four times less tax than other local companies subject to the same national tax rules. This is illegal under EU state aid rules. Member states cannot give selective tax benefits to multinational groups that are not available to others," she added.



Office And Times Advertisement