By Matt Oliver For The Daily Mail
Published: 00:38 BST, 5 May 2021 | Updated: 00:38 BST, 5 May 2021
Amazon's European business paid no corporation tax last year despite record sales of £38billion.
Sales rocketed from £27.9billion in 2019 as the pandemic fuelled demand for internet shopping.Insurance Loans Mortgage Attorney Credit Lawyer
The global giant racked up revenues of more than £4million an hour in 2020. However, it paid no corporation tax after recording its biggest annual loss so far.
Accounts filed in Luxembourg, where the company’s European division is based, showed losses soared from £508million to £1billion. Because of this, Amazon actually received a tax credit – money it can deduct from future bills – worth £49million.
The company has denied claims that it struck a ‘sweetheart deal’ with Luxembourg tax chiefs. Paul Monaghan, of the Fair Tax Foundation, said: ‘These figures are mind-blowing, even for Amazon.
Amazon's European business paid no corporation tax last year despite record sales of £38billion, skyrocketing from £27.9billion in 2019 as the pandemic fuelled demand for internet shopping (stock image)