EU to continue with tax study even after Amazon changes
Reuters
Published May 26, 2015 07:43AM ET
Updated May 26, 2015 07:53AM ET
EU to continue with tax study even after Amazon changes
BRUSSELS (Reuters) - The European Commission said on Tuesday it would continue its investigation into Luxembourg's tax treatment of Amazon (NASDAQ:AMZN) after reports the online retailer had changed its tax practices in Europe.
The Commission launched an in-depth investigation last October into alleged state aid Luxembourg was granting to Amazon by offering a low corporate tax rate on European profits, most of which are booked in the Grand Duchy.
"The Commission's state aid investigation is ongoing and will continue. We are examining the concerns that the tax ruling granted by Luxembourg to Amazon is providing the company with selective advantages," said Commission spokesman Ricardo Cardoso.
Several media reported on Tuesday that Amazon would in future pay corporate tax where the sales actually took place, such as Britain, Germany, Italy and Spain.
"In the context we will of course consider any changes to Amazon group's tax structure. However, these changes going forward do not affect the ongoing EU state aid investigation regarding the possible advantage Amazon would potentially have received in the past through the tax ruling," Cardoso said.
The Commission is also investigating the tax treatment of Fiat Chrysler (NYSE:FCAU) in Luxembourg, Apple (NASDAQ:AAPL) in Ireland and Starbucks (NASDAQ:SBUX) in the Netherlands.
It is also looking into Belgium's tax arrangements for multinationals.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.