Amazon has recently settled a tax dispute with the French authorities by signing an undisclosed deal. The French tax authorities had been seeking around €203 million in unpaid taxes from Amazon’s Luxembourg subsidiary operation during the period of 2006 to 2010, where they were able to pay less taxes due to their intricate tax optimization techniques.
However, Amazon has since created a subsidiary in France and now pays French revenue taxes there. The company also invested $2 billion in total in France and currently employs around 5,500 people within the country.
It is interesting to note that this tax dispute was settled behind closed doors, avoiding any public confrontation between Amazon and the French government. This case highlights a bigger issue with tech companies not being taxed fairly across all countries they operate in. In response to this, European Finance Ministers are working on a new piece of legislation which will force these companies to pay taxes based on their overall revenue rather than just profits.
The AFP also reported that more details about this new regulation would be revealed in March 2018. This change is likely to have relieved big tech companies like Google, Facebook and Amazon who had been facing substantial fines for tax noncompliance across different countries.
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