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May 13, 2021 11:59:39 am The EU’s General Court on Wednesday annulled a European Commission decision from 2017, in which the Commission had found that a tax deal between the Luxembourg government and multinational tech company Amazon amounted to “illegal state aid.” In 2017, Amazon was ordered by the European Commission, the EU’s politically independent executive arm, to pay approximately €250 million (USD $303 million) in back taxes to Luxembourg. The original decision was made in order to tackle corporate tax avoidance related to Luxembourg’s tax treatment of two companies in th...

Lord of the Rings. Like all screen productions based in New Zealand, UAP qualified for a 20 per cent rebate on nearly every dollar spent here. But economically significant productions are invited to apply for a 5 per cent uplift, taking the subsidy to a full 25 per cent. The Auckland meetings were about negotiating what New Zealand would get for that 5 per cent. For a TV series looking at filming for a decade, that 5 per cent equates to tens of millions of dollars. But getting the money isn’t easy. The Government requires each production to sign a Memorandum of Understanding to make su...

Michael Hwang joins arbitration tribunal looking into Amazon-Future dispute: Report Sources said that with the appointment of Hwang as the presiding arbitrator, the tribunal is expected to meet soon and begin the arbitration proceedings between Amazon and Future PTI | January 6, 2021 | Updated 09:31 IST Singaporean barrister Michael Hwang has joined the three-member arbitration tribunal at the Singapore International Arbitration Centre (SIAC) that is looking into the Amazon and Future Group dispute over the latter's Rs 24,713-crore deal with Reliance Industries, according to sources. The ot...

Story Amazon Internet Services posts net loss of Rs 20 lakh in FY20, revenue rises 58% to Rs 4,216 crore Amazon Internet Services registered 58 per cent jump in its total revenue at Rs 4,215.9 crore for FY20, helped by increased usage of cloud and other related services by existing and new customers in India BusinessToday.In | December 17, 2020 | Updated 22:36 IST Amazon Internet Services reports a net loss of Rs 20 lakh in FY20 Amazon Internet Services Private Limited (AISPL), an Indian subsidiary of the US-based Amazon Group, has reported a net loss of Rs 20 lakh in the financial year ende...

Amazon cloud business grew 54% in India in FY20 SECTIONS Share Synopsis The company, which is in the business of data processing, hosting and related activities, is the Indian subsidiary of the Amazon Group that resells and markets A WS Cloud services in India. Last month, Amazon Web Services agreed to invest about Rs 20,761 crore ($2.77 billion) to set up a cluster of data centres in Telangana, according to the state’s information technology minister KT Rama Rao, marking the largest foreign direct investment in the southern state. Amazon Internet Services, the Indian unit of cloud computin...