Monday, February 18, 2019 - 838 hours ago
A recent report showed that U.S. e-commerce giant Amazon did not pay federal income taxes in 2018.
Published Wednesday by the Institute on Taxation and Economic Policy, the report listed the effective tax rate of Amazon at negative 1.2 percent on its pretax profit at 10.8 billions U.S. dollars in 2018.
"The company's newest corporate filing reveals that, far from paying the statutory 21 percent income tax rate on its U.S. income in 2018, Amazon reported a federal income tax rebate of 129 million U.S. dollars," the report said.
It also mentioned that the company paid no federal corporate income taxes in 2017, as the effective tax rate was negative 2.5 percent on its 5.6-billion-dollar income.
The U.S. think tank suggested that government review current tax laws and stop corporate tax avoidance.
U.S. President Donald Trump tweeted in March 2018 on Amazon's reported tax avoidance, accusing the company of "causing tremendous loss to the U.S." by using the postal system as "delivery boy."Xinhua.