Amazon - piling on cash, piling on tax-evasion, piling on ill-will

Amazon expected to reveal cash pile of up to $9bn after record Christmas | Technology | guardian.co.uk: "Record Christmas takings have swollen Amazon's cash pile to as much as $9bn (£5.7bn), the online retailer is expected to declare on Tuesday in results that will inflame the debate over its tax contributions around the world.

In just 13 weeks, Amazon's savings, which are held in cash and investments, have ballooned to between $7bn and $9bn, from $5.2bn in September, say analysts. The group's performance helped topple a number of its UK high street competitors, with the camera shop Jessops and music store HMV going into administration earlier this month.

The UK generates an estimated 10% of Amazon's revenues, pushing the proportion of the cash pile collected in the British Isles to an estimated $900m.

The retailer is under fire for paying low levels of corporation tax in the UK and other markets. With politicians across Europe casting about for ways to restore public finances, the sums are eye-catching. The issue will be forefront this week as parliament's influential public accounts committee resumes its inquiry into tax avoidance by taking evidence on Thursday from the four largest accounting firms."

'via Blog this'