Thursday, December 6, 2012

Report: Amazon's Tax Havens Shielding Hundreds Of Millions

A report published Thursday by Reuters says that Amazon.com has been depriving European governments of "hundreds of millions of dollars", due to sophisticated financial arrangements set up in Luxembourg. Amazon.com--no stranger to battling governments over tax revenues--apparently has been using tax havens to avoid paying taxes that European countries think it owes, according to Reuters. The report said that the tax havens are linked to the $1.5 billion in back taxes the Internal Revenue Service is seeking from Amazon which was revealed last year in a filing by Amazon.