FIRST AIRED: October 4, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:01
>> The world's largest online retailer has been hit with a $294 million bill from the European Union. Amazon, now the latest corporate giant to be swept up in an EU crackdown on tax avoidance. The $294 million or 250 million euros will need to be paid to Luxembourg where regulator say Amazon was given an illegal tax advantage in 2003.
00:00:26
>> As a result, three-quarters of Amazon's profit from all its sales in Europe remained untaxed. Luxembourg says it didn't give Amazon an unfair edge. The company is one of the biggest employers in the tiny country with 1500 workers. But Luxembourg is also under scrutiny for a number of other tax deals.
00:00:46
Including the likes of McDonald's and Fiat. It's also only one of several countries involved in the crackdown. For example, Amazon's fine is a paltry figure, compared to the $15 billion demanded from Apple over its operations in Ireland last year. The EU also announcing at its news conference that it's going to take Ireland to court over that, accusing the country of failing to recover the money in a timely manner.
00:01:13
Apple is appealing the case and Ireland has said it will wait for its own court to weigh in.