Amazon Will Be Covered If International Tax Deal Ever Becomes Law | WHAT REALLY HAPPENED

Amazon Will Be Covered If International Tax Deal Ever Becomes Law

Amazon shares tumbled to their lowest levels of the session on Monday amid reports that Amazon would be included in a G-7 deal cemented over the weekend to retool the minimum corporate tax in some of the world's wealthiest nations (though a US-led movement to force the proposal down the throats of reluctant Ireland, Singapore and other low-tax nations remains very much in doubt).

As we learned over the weekend via a communique from G-7 ministers, a pillar of the deal envisaged that the tax would apply on "profit exceeding a 10% margin for the largest and most profitable multinational enterprises." Thanks to Amazon's low-margin e-commerce business, the firm doesn't technically meet that cutoff, as the Guardian pointed out in a story published earlier today that quoted a bevy of experts who warned that Amazon might be excluded from the new tax regime if some special arrangement weren't included.

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