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5/12, 11:57 AM (Source: TeleTrader)
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Amazon wins court appeal worth $300M against EU

An order under which Amazon.com Inc. had to pay approximately €250 million ($303.3 million) in back taxes to Luxembourg was annulled on Wednesday by the European Union's General Court in the country.

The ruling, made in 2017 by the European Commission, has since been challenged before the EU General Court by both Luxembourg and the company.

EU's antitrust chief Margrethe Vestager launched a similar probe into Apple's dealings in Ireland, with the EU's second-top court ruling in favor of the tech giant. Vestager since appealed the Apple case to the Court of Justice.

Breaking the News / BU