Tax evasion for Profit maximization : AMAZON
Hello readers, This blog is all about Amazon which is emerging as a shopping hub for all those people who prefer shopping online rather than from the physical stores which are located far away from their homes. Let us get into the topic which seems to be boring but it is a very important issue to know about.
Nowadays, we all are hearing something unusual about amazon. People now started realising that amazon is not upto the mark with its ethics. Amazon became a part of our daily lives because of availability of all the handy products which we require in our daily life. This became so addictive that we are unable to think about any other alternative. We are getting attracted towards the offers and discounts which the company is showing to us and not thinking of acts which the company is doing in order to maximize its profits. So, i would like to discuss on how the company evades taxes in order to maximize its profits.
TAX EVASION:
Taxes are very important for any country because those taxes which companies pay will be redistributed in such a way that all citizens can receive the services they need (education,health, etc).
Some of the corporate companies love avoiding taxes because they are more interested in gaining more money rather than following ethics.
One of the top tax avoiding companies is Amazon. It was founded by Jeff Bezos in 1994 in Seattle. In the US Amazon barely pays any tax such as federal income tax. They started avoiding paying of taxes since they have formed. Amazon received more than 1.6 billion dollar incentives from the government with a hope that its presence in the international markets will result in economic boom and job opportunities.
Amazon is just enjoying all the incentives and not paying any taxes to the government which is leading to downfall in the country's income. The places where amazon was set up are still stagnant with the employment.
Amazon not only evaded taxes in the US but they also evaded several taxes in the United kingdom. Amazon evaded maximum tax and now it is well known as tax heaven for Amazon. The company left 50 million euros of tax unaccounted in the year of 2017. The European commission ordered Luxembourg to recover 250 million dollar tax plus interest from Amazon.
So, I want to conclude my blog by saying that the company must have minimum corporate social responsibility as it must try and improve the employment levels in the places where it is set up. Amazon must also pay all their taxes and they should not escape from paying any kind of duties which are levied on them. The taxes which the companies and rich businessman pay are very high and it will benefit the society as well as the nation as a whole.
Thank you for your patience, have a good day.
