The European Commission was wrong to say Amazon got a preferential tax deal in Luxembourg, a top EU court has found. The finding relates to a 2003 decision by the Luxembourg tax authorities on how to book royalty payments between two Amazon group companies, Amazon Europe Holding Technologies and its subsidiary, Amazon EU. EU competition chief Margrethe Vestager said the decision allowed Amazon to escape tax on three-quarters of the profits made from its EU sales between 2006 and 2014. Amazon said the court decision was “in line with our long-standing position that we followed all applicable laws and that Amazon received no special treatment”. In a separate judgment, the court found in favour of a Commission decision that Luxembourg granted €120m in illegal state aid to French energy firm, Engie.

Source: Irish Independent May 13, 2021 01:30 UTC