Facebook,Amazon among global giants paying low Italian taxes

Social network paid just under 132,000 euros to Italy in 2012

Facebook,Amazon among global giants paying low Italian taxes

(ANSA) – Milan, July 22 - Profitable multinationals Facebook and Amazon together paid only about one million euro in combined Italian taxes last year, sources told ANSA. The information comes after the Group of 20 raised the issue of major global corporations arranging their affairs to avoid paying taxes in jurisdictions where they earn millions in revenues. Documents consulted by ANSA show that Internet retailer Amazon paid 950,000 euros in Italian taxes last year while has Facebook paid just under 132,000 euro. Google has been cited as one of the largest companies to avoid paying taxes through a series of intricate holding companies. Last year Google paid only 1.8 million euro in taxes in Italy. Politicians are concerned that small and medium sized businesses wind up paying a far greater percentage of their revenues in taxes compared with the global giants that are in a position to shop for low-tax jurisdictions in which to declare profits. It has also triggered anger as Italian and other European countries struggle with recession and economic hardship and austerity measures hitting ordinary taxpayers. In a report to the G20 meeting in Moscow late last week, the Organization for Economic Cooperation and Development (OECD) called for international cooperation on a new tax plan. "National tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited by multinational corporations to artificially reduce their taxes," the OECD said.

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