European Union regulators are about to order Amazon.com Inc. (AMZN) to pay millions of euros in back taxes to Luxembourg, insiders told Reuters.
The order comes as the culmination of a three-year long investigation into whether Amazon received an unfair tax advantage based on a 2003 Luxembourg tax ruling. The 2003 ruling allowed an Amazon subsidiary to pay less in taxes there than other companies did.
The EU estimated a back taxes bill of 400 million euros for Amazon a year ago, but a revised figure is expected following conversations with other regulating bodies.
McDonalds Corp. (MCD) and Engie SA (ENGIY) are next to face scrutiny over the same Luxembourg tax issue. At least 35 companies including Amazon and Anheuser-Busch Inbev (BUD) will pay back taxes to Belgium because of their participation in the illegal tax scheme.
Amazon is the latest company facing a tax order from European commissioners. Apple Inc. (AAPL) , Starbucks Corp. (SBUX) and Fiat Chrysler Automobiles (FCAU) have all footed tax bills ordered by European entities recently.
Amazon stock traded up 0.19% to $961.04 mid-afternoon Tuesday.
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