Economics
U.S. Needs to Join the Race for Multinationals’ Tax Revenue, Experts Say
- GOP plan’s provisions on tax havens described as inadequate
- Trump has said he wants legislation enacted by end of year
Amazon's EU Tax Trouble Brings $294 Million Bill
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European Union regulators’ tax crackdown on Amazon.com Inc. -- like the EU’s case against Apple Inc. -- should spur U.S. policy makers to address companies’ aggressive offshore tax-avoidance strategies before it’s too late, experts said.
The EU on Wednesday said Luxembourg must collect 250 million euros ($294 million) from Amazon. Regulators found that Luxembourg had given the world’s largest online retailer special tax advantages that meant “almost three quarters of Amazon’s profits were not taxed,’’ EU competition commissioner Margrethe Vestager said.