Amazon had sales income of €44bn in Europe in 2020 but paid no corporation tax
Despite lockdown surge the firm’s Luxembourg unit made a €1.2bn loss and therefore paid zero corporation tax.
Fresh questions have been raised over Amazon’s tax planning after its latest corporate filings in Luxembourg revealed that the company collected record sales income of €44bn (£38bn) in Europe last year but did not have to pay any corporation tax to the Grand Duchy.
Accounts for Amazon EU Sarl, through which it sells products to hundreds of millions of households in the UK and across Europe, show that despite collecting record income, the Luxembourg unit made a €1.2bn loss and therefore paid no tax.
In fact the unit was granted €56m in tax credits it can use to offset any future tax bills should it turn a profit. The company has €2.7bn worth of carried forward losses stored up, which can be used against any tax payable on future profits.
The Luxembourg unit – which handles sales for the UK, France, Germany, Italy, the Netherlands, Poland, Spain and Sweden – employs just 5,262 staff meaning that the income per employ amounts to €8.4m.
Related news
Amazon launches annual food subscription programme
Amazon is offering an annual food subscription programme for Prime…
Read more >In 2024 the growth of Hungarian e-commerce is already driven by import
This article is available for reading in Trade magazin 2024/10…
Read more >Amazon launches climate label in Belgium and Sweden
Amazon is expanding its “Climate Pledge Friendly” to Belgium and…
Read more >Related news
This is how PENNY stores are open on the long weekend
PENNY stores in Hungary will be closed on Friday, November…
Read more >SPAR Hungary has reached a milestone: the 300th franchise store opened in Lenti
The franchise network of SPAR Hungary has reached a significant…
Read more >Waberer’s is implementing its warehouse development in Debrecen without subsidies
Waberer’s announced that it plans to develop warehouse logistics in…
Read more >