Luxembourg news: French lawmakers to move against Luxembourg-based Amazon

(Via Wort.lu)

“French lawmakers are set to move against the likes of Amazon Thursday with a bill aimed at supporting small bookstores struggling in the face of giant online retailers, members of parliament said.

The bill, which was crafted by the main opposition right-wing UMP party but also has the support of lawmakers on the left, aims to put an end to what some criticise as unfair competition for traditional bookstores.

It will seek to restrict the likes of Amazon from combining offers of free deliveries with discounts of up to five percent on books, which is allowed under existing French legislation.

Culture Minister Aurelie Filippetti has criticised Amazon’s practices in the past, blasting free deliveries or the firm’s policy of “tax optimisation.”

The American giant reports its European sales through a Luxembourg-based holding company, taking advantage of the Grand Duchy’s relatively low corporation tax rates for earnings outside its borders.

Amazon insists the arrangement, which has been criticised by politicians across Europe, is legal under the European Union’s single market rules.”

Logistical note: I try to post daily, but will be travelling over the next couple of weeks as of today, so posts will be less frequent than usual. Thank you for following Financial Secrecy Media Monitor. 

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