Groucho Marx
“Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read.” (The essential Groucho)
Albert Einstein
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
Amazon: £7bn sales, no UK corporation tax.
Online retailer’s British operation owned by company in Luxembourg which receives all payments for books, DVDs and other goods
Amazon.co.uk, Britain’s biggest online retailer, generated sales of more than £3.3bn in the country last year but paid no corporation tax on any of the profits from that income – and is under investigation by the UK tax authorities.
Regulatory filings by parent company Amazon.com with the US securities and exchange commission (SEC) show the tax inquiry into the UK operation, which sells nearly one in four books sold in Britain, focuses on a period when ownership of the British business was transferred to a Luxembourg company.
The SEC filings, highlighted by Bookseller magazine, show that in the past three years, Amazon has generated sales of more than £7.6bn in the UK without attracting any corporation tax on the profits from those sales.
HM Revenue & Customs (HMRC) refused to confirm it was investigating Amazon.co.uk, and its inquiries could be a routine audit. But Amazon’s tax affairs are being investigated in the US, China, Germany, France, Japan and Luxembourg.
Amazon, which launched in the UK in 1998, is the UK’s most popular retail website, with more visitors than Argos, Next and Tesco. It sells a vast array of goods other than books and recently won an award for offering the best customer service in the UK.
You must be logged in to post a comment Login