Amazon is about to write quite a hefty check.
On Wednesday, the European Union ordered Amazon to pay 250 million euros in back taxes — that's $295 million — to Luxembourg, citing an unfair tax deal between the tech giant and the tiny country where its headquarters are located. EU Competition Commissioner Margrethe Vestager said an illegal deal between Amazon and Luxembourg meant nearly three-quarters of Amazon's profits weren't taxed.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Bonnie Blue, Andrew Tate and a new cult of sex extremismTalking Point OnlyFans adult worker and male misogynist have 'plenty in common' claims commentator
-
The UK's best exhibitions and shows to visit in 2025The Week Recommends These are the most exciting events in the cultural calendar
-
Decrepit train stations across the US are being revitalizedUnder the Radar These buildings function as hotels, restaurants and even museums
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
