- Amazon.com Inc (NASDAQ:AMZN) scooped at least $4.7 billion in tax breaks globally during the past ten years as per watchdog group and a global labor federation, the Vice reports.
- The tax breaks pertained to its warehouses, data centers, offices, call centers, and film production projects.
- The vast majority of these tax breaks worth $4.1 billion pertained to its U.S. projects.
- For the first time, Amazon won subsidies beyond U.S. borders.
- They identified 407 Amazon facilities in 13 countries “where evidence exists that Amazon has received public monies for its projects” pending disclosure.
- There was evidence that Amazon won subsidies from governments including Argentina, Bahrain, Brazil, Canada, Chile, China, France, India, Mexico, New Zealand, Poland, South Africa, Spain, and the U.K.
- The report alleged Amazon was secretively misusing public resources despite being fully capable of self-funding them.
- The report further accused Amazon of displacing smaller companies as governments often use tax breaks to lure big companies like Amazon to solve unemployment problems.
- Amazon disowned the report citing that $530 billion were direct investments and $500 billion indirect value-added.
- Price Action: AMZN shares traded lower by 0.03% at $3,179 in the premarket on the last check Friday.
