- Amazon.com Inc’s (NASDAQ: AMZN) main European retail business reported €1.2 billion ($1.2 billion) of losses in 2021, allowing the company to dodge taxes and win €1 billion in tax credits, Bloomberg reports.
- Luxembourg-based Amazon EU Sarl recorded sales of €51.3 billion in 2021, up 17% year-on-year.
- The unit recorded €37 billion of “raw materials and consumables” and €15 billion of “external charges,” leading to the annual loss, Bloomberg noted.
- “Across Europe, we pay corporate tax amounting to hundreds of millions of euros,” Amazon clarified. The €1 billion net tax benefit was mainly due to the use of net losses carried forward under the tax consolidation system.
- Amazon has acknowledged investment of over €100 billion since 2010 in creating jobs and infrastructure across Europe. In 2021, Amazon EU Sarl suffered a loss after opening over 50 new sites across Europe and creating over 65,000 well-paid jobs, taking its total European permanent workforce to over 200,000.
- The unit under European regulatory scrutiny won an appeal on a €250 million ($280 million) tax bill imposed after regulators said agreements with Luxembourg dating back to 2003 amounted to illegal state aid.
- Price Action: AMZN shares traded lower by 1.88% at $3,102.77 on the last check Wednesday.
Tuya Notes Public Letter Sent By U.S. Senators Rubio, Scott And Cotton To U.S. Treasury Secretary; Said Has Never Received a Request From One Country’s Government to Share User Data From Another Country
Tuya notes the public letter sent by U.S. Senators Rubio, Scott and Cotton to the U.S. Treasury Secretary.
The claims of the experts cited in the letter are without merit. Tuya is a leading global IoT development platform which works with global consumer electronic brands, retailers and manufacturers to enable the development of their own smart devices.
