A study into the complex web of subsidiaries that make up the online retail giant Amazon has found the company takes advantage of generous tax credit schemes in the United States to pay little tax on its international earnings in a scheme co-ordinated through Luxembourg.
The analysis of the financial filings by the multinational and its overseas subsidiaries found that about 75 per cent of Amazonâs international sales are booked in Luxembourg-registered entities.
The study authors accuse Amazon of producing losses largely in its non-EU subsidiaries, which are then used to claim tax credits in the United States, described as a âtax credit arbitrage scheme coordinated through subsidiaries located in Luxembourgâ.
Three years after the EU's flagship GDPR data protection regulation came into force, confusion over international data transfers following the landmark Schrems II ruling is hampering new technologies and jeopardising the bloc's digital agenda.
The ANC effectively saturated South Africa and everything it stood for with its members and/or loyalists. Then the unthinkable happened a family feud that is threatening to bring the ANC down.
Just as we see our ANC politics becoming a zero-sum game, and both dominant factions working actively towards mutually assured destruction, the National Executive Committee (NEC) of the ANC pulls a rabbit out of the hat. No wonder they have survived for 109 years as a liberation movement.
Over the past few months, the country has been gripped by the shenanigans inside the governing party. NEC meetings, I could have sworn, were as if the pope himself was to address his congregants after meeting. Speculation abounded about whether Cyril Ramaphosa or Ace Magashule would have the numbers on their side and which way the meeting would veer on this or that controversial issue.