natgillin/translations-raw huggingface dataset:
In the event that the LuxOpCo Return determined under step (1) would be less than 0,45 % of EU Revenues, the LuxOpCo Return shall be adjusted to equal the lesser of (i) 0,45 % of Revenue or EU Operating Profit or (ii) EU Operating Profit;
Lõpuks, kuna [A] lepinguga ei antud [A]-le juurdepääsu Amazoni kliendiandmetele, sisaldas siirdehindade aruanne kohandust, et viia võrreldav kontrollimata hind vastavusse asjaoluga, et LuxSCS andis LuxOpCo-le juurdepääsu Amazoni kliendiandmetele.
In the event that the LuxOpCo Return determined under step (1) would be greater than 0,55 % of EU Revenues, the LuxOpCo Return shall be adjusted to equal the lesser of (i) 0,55 % of EU Revenues or (ii) EU Operating Profit.’
Seega, kasutades [B] lepingus olemasolevat teavet, pakuti välja 1 % ülespoole kohandus, mille tulemusena oli litsentsitasu reaalturuväärtusele vastav määr 10,6 % kuni 13,6 % LuxOpCo müügist.
For the purpose of the Royalty Rate Computation the following definitions apply:
Jääkkasumi jaotamise meetodil põhinev hinnang siirdehindade kohta
‘EU COGS’ means Costs of Goods Sold, computed using US GAAP (Generally Accepted Accounting Principles), attributable to LuxOpCo's operation of the European Web Sites.
Siirdehindade aruande punktis 6.2 arvutatakse litsentsitasu (siirdehindade aruandes nimetatakse seda „litsentsitasu määraks“) reaalturuväärtusele vastav vahemik jääkkasumi jaotamise meetodil.
‘EU Operating Expense’ means LuxOpCo's total costs, including intercompany expenses, but excluding: EU COGS, the License Fee, currency gains and losses and interest expense, calculated under U.S. GAAP.
Selle meetodi kohaldamisel hinnati siirdehindade aruandes LuxOpCo „kui Euroopas tegutseva äriühingu tavapäraste ülesannetega“ seotud tulu LuxOpCo kantavate kulude marginaali alusel.
‘EU Revenues’ means total net sales revenue earned by LuxOpCo through the EU Web Sites, which shall be equal to the sum of (a) the total sales prices of products sold by LuxOpCo, stated on the invoices which are issued to customers, including revenue attributable to gift wrapping and shipping and handling, less: value added taxes, returns and other allowances, and (b) total services revenue earned by LuxOpCo in connection with the sale of products or services by unrelated parties through the EU Web Sites, less value added taxes.
Selle marginaali reaalturuväärtusele vastava vahemiku kindlaksmääramiseks tehti siirdehindade aruandes otsing, et teha kindlaks võrreldavad ettevõtjad, kes on üldiselt tuvastatud kui tarkvarapõhise äritegevuse juhtimise ja haldamisega tegelejad.
‘EU Operating Profit’ means EU Revenue minus: EU COGS and EU Operating Expenses.
Võrreldavate ettevõtjate otsingul Amadeuse andmebaasis, kasutades geograafilise piirkonnaga seotud valitud kriteeriumeid, ettevõtjate kirjelduses märksõnaotsingut ja otsingu ettevõtjate klassifikatsiooni koos käsitsi otsinguga, tuvastati seitse ettevõtjat, keda peeti Amazoniga võrreldavaks.
THE TRANSFER PRICING REPORT
Selle alusel tehti siirdehindade aruandes kindlaks „netokulu pluss marginaal“ kui kasumlikkuse näitaja, et analüüsida LuxOpCo eeldatavate funktsioonide eest makstavat reaalturuväärtusele vastavat tasu, mis määrati kindlaks kui tegevustulu, mis tagati kaupade maksumuse ja tegevuskulude summaga.
In response to the Opening Decision, Luxembourg submitted the TP Report.
Seitsme võrdlusaluse kohta saadud andmete põhjal esitati järgmine kolme aasta keskmine (1999–2001) kvartiilihaare: alumine kvartiil oli 2,3 %, mediaan 4,2 % ja ülemine kvartiil 6,7 %.
Luxembourg claims that the TP Report is the ‘economic analysis’ to which reference is made in Amazon's letter of 23 October 2003.
Tulemusi esitlevas tabelis toodud arvud on protsent netomüügist.
The TP Report was drawn up by reference to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations prepared by the Organisation for Economic Cooperation and Development.(‘OECD TP Guidelines’).
Selle tulemusena valiti marginaal [4–6] % ja seda kohaldati LuxOpCo tegevuskulude suhtes, et määrata kindlaks „asjaomane tavapärane tasu LuxOpCo funktsioonide eest“.
Functional analysis
Seejärel lahutati tasu LuxOpCo tegevuskasumist.
Section 3 of the TP Report provides a functional analysis of LuxSCS and LuxOpCo.
Siirdehindade aruandes leiti, et tulemuseks saadud vahe selle tulu ja LuxOpCo kirjendatud kasumi vahel ehk jääkkasum on täies ulatuses seostatav LuxSCSilt litsentsitud immateriaalse vara kasutamisega.
According to that functional analysis, LuxSCS's principal activities will be limited to those of an intangible holding company and a participant in the ongoing development of the Intangibles through the CSA.
Lõpuks jagati siirdehindade aruandes iga prognoositud iga-aastane jääkkasum LuxOpCo prognoositava netomüügiga, et saada ettekujutus litsentsitasu määrast.
LuxSCS will also license the Intangibles to LuxOpCo, subject to the License Agreement, and will receive royalty payments pursuant to that agreement.
Sellele tuginedes tehti siirdehindade aruandes järeldus, et „litsentsitasu määr 10,1 kuni 12,3 protsenti netotulust, mida LuxSCS LuxOpCo suhtes kohaldab, vastab OECD suuniste kohasele reaalturuväärtuse standardile.“
As regards LuxOpCo, the TP Report explains that ‘[t]hrough its staff of full-time management employees, LuxOpCo will manage the strategic decision-making related to the EU Web Sites' Retail and Services Businesses, and will also manage the key physical components of the Retail Business’.
Siirdehindade aruandes tehtud arvutused võetakse kokku ja näitlikustatakse tabelis 1.
According to Amazon's letter of 23 October 2003, LuxOpCo was expected to have ‘in total, at least 25 to 30 full-time employees, including certain key pan-European management with responsibility for strategic decision-making in connection with the EU Web sites’, with the remaining full-time employees (approximately 20) to function in areas such as marketing, technology and accounts payable.
ja 3. veeru lisas komisjon nende arvutuste selgitamiseks:
The TP Report further explains that ‘[f]ollowing the restructuring, it is anticipated that LuxOpCo's principal activities will be focused on the exploitation of Amazon's software platform in an effort to continually develop and improve the software-based business model underlying the Retail Business and Service Business offered through the EU Websites. […] As part of this effort, LuxOpCo's management will work to identify opportunities to improve and enhance the Retail and Service Businesses through the exploitation of new and improved platform features and functionality as they are developed.
Tabel 1
As both a retailer and service provider, LuxOpCo will strive to provide the optimal costumer experience in all areas including fulfilment, payment, processing, merchandising decisions and monitoring of third-party seller performance […]’.
Arvutus siirdehindade aruandes, vrd siirdehindade aruande lk 32 (veerud 1 ja 3 on komisjoni lisatud)
In its role as retailer, LuxOpCo was expected to take merchandising and pricing decisions, and to manage all aspects of the order fulfilment process.
(miljonites eurodes)
As the operator of the service business, LuxOpCo would also be ‘responsible for strategic decisions relating to the selection of third-party merchants and product categories, and for marketing to and negotiations with third-party merchants’.
Tulud
For the purpose of operating the EU websites, LuxOpCo was to use the Intangibles which it licensed from LuxSCS.
Müüdud kauba kulud
LuxOpCo was expected to hold legal title to all inventory.
Brutokasum
LuxOpCo would assume all risks associated with holding inventory and selling products through the EU websites.
Tegevuskulud
According to Amazon's letter of 23 October 2003, LuxOpCo was to own and use the Luxembourg-based transaction processing servers to complete the processing of, and authorise payments for, customer and third-party seller transactions, including payments to third-party merchants.
Ettevõtjatevaheline (co.uk, .de, .fr)
LuxOpCo was to contract with ASE, which would act as a service commission agent in its own name but for the benefit of LuxOpCo, in connection with Amazon's third-party seller programs in Europe.
Luksemburgi komisjonikulud
ASE's services would primarily consist of certain order processing services associated with the service business.
Tegevuskulud (sealhulgas ettevõtjatevahelised)
The EU Local Affiliates located in Germany, France and the UK were to provide various services with respect to the EU websites, including certain customer referral and support, marketing and fulfilment services.
Hinnanguline tegevuse puhaskasum (kahjum) enne korralist tasu
According to Amazon's management forecasts submitted for the purpose of the TP Report, LuxOpCo was expected to expand its revenues in the course of its operations from approximately EUR 3,2 billion in 2005 to approximately EUR 8,3 billion in 2010 and incur the following costs: the cost of goods as a percent of revenue was projected on average at approximately 77,5 %, leading to a gross margin of about 22,5 %.
Korraline tasu LuxASE-le
Following the 2006 restructuring, LuxOpCo was to assume the on-going costs associated with the management and operation of the Amazon platform in Europe, including payment and collection processing expenses, bad debt expenses, certain system support expenses, as well as the cost of salaries of the management, technology and other personnel working to support the Amazon platform operations in the region.
Korraline tasu LuxOpCo-le
The assumptions underlying the management forecast were neither disclosed nor reviewed in the TP Report.
LuxSCSile makstav hinnanguline jääkkasum
Selection of the most appropriate transfer pricing method
Tegelik litsentsitasu (% tulust)
Section 5 of the TP Report deals with the selection of the most appropriate transfer pricing method for determining the arm's length nature of the Royalty Rate.
Kahe siirdehindade kokkuleppe võrdlus
To determine the remuneration attributable to LuxOpCo and the arm's length level of the royalty to be paid by LuxOpCo to LuxSCS under the License Agreement, the TP Report proposes alternative transfer pricing arrangements: one based on the comparable uncontrolled price (‘CUP’) method and another based on the residual profit split method.
Tehes kokkuvõtte litsentsilepingu siirdehindade analüüsist, kasutades võrreldava kontrollimata hinna meetodit ja jääkkasumi jaotamise meetodit, leiti siirdehindade aruandes, et tulemused lähenevad, ning osutati, et lepingu kohaselt LuxOpCo poolt LuxSCSile makstava litsentsitasu reaalturuväärtusele vastav määr on 10,1 % kuni 12,3 % LuxOpCo müügist.
Transfer pricing assessment based on the CUP method
Seejärel tehakse siirdehindade aruandes järeldus, et „kuigi on mõistlik järeldada, et litsentsitasu määra valimine mõlema meetodiga saadud vahemikust vastaks reaalturuväärtuse põhimõttele, võivad konkreetsetes tulevastes immateriaalsetes varades, mis kantakse üle [A] lepingu kohaselt, olla väikesed erinevused, mis on tingitud kahe meetodi tulemuste väikestest erinevustest. […] mõistlik on järeldada […], et jääkkasumi jaotamise analüüs tekitab väiksema tõenäosusega erapoolikuid hinnanguid, ja seega võib seda pidada usaldusväärsemaks litsentsitasu reaalturuväärtusele vastava määra mõõtevahendiks.“
Section 6.1 of the TP Report calculates an arm's length range for royalty on the basis of the CUP method.
VAIDLUSTATUD EELOTSUSE TAGAJÄRJED
First of all, searches were performed for comparable transactions in Amazon's own internal database of license agreements and an external agency was commissioned to conduct a search for license agreements involving intangible assets similar to those of Amazon.
Selle kokkuleppe ülevaade on esitatud joonisel 2:
The transactions identified as a result of the searches were not considered sufficiently comparable and were therefore rejected for the purpose of the CUP analysis.
Joonis 2
Next, the TP Report identified as relevant the following agreements entered into by Amazon since 2000 with third-party retailers under which Amazon made its technology platform available to those retailers: the Strategic Alliance Agreement between Rocket.zeta, Inc., Amazon.com, Inc., target.direct LLC and Target Corporation (the ‘Target Agreement’), the Strategic Alliance Agreement between Rock-Bound, Inc. and ToysRUs.com LLC (the ‘ToysRUs Agreement’); the Product Listing Agreement between Amazon.com Payments, Inc and Circuit City Stores, Inc. (the ‘Circuit City Agreement’); the Mirror Site Hosting Agreement between Frontier.zeta, Inc. and Borders Online LLC (the ‘Borders Agreement’); and the Mirror Site Hosting Agreement between Amazon.com International Sales, Inc. and Waterstone's Bookseller Ltd (the ‘Waterstones Agreement’).
Amazoni Euroopa üksuste struktuur aastatel 2006–2014, sealhulgas litsentsitasu maksmise kord
Amazon refers to these agreements as the ‘M.com Agreements’.
[4-6] % tegevuskuludelt ELi müük, mille kohta on esitatud arved ja mis on registreeritud Luksemburgis Vaidlustatud otsuses kokku lepitud LuxOpCo maksustatav kasum
Upon review of those agreements, the TP Report concludes that the [A] Agreement provides a comparable arrangement to the extent that the rest of the contracts ‘did not include the provision of the eCommerce technology platform’.
0,45 % müügilt
Pursuant to the [A] Agreement, Amazon agreed to create, develop, host and maintain a new [A] website and a [A] store on Amazon websites, which were to replace [A]'s existing e-commerce website.
0,55 % müügilt
The functionalities to be included in the [A] website would be substantially equivalent to those generally incorporated in the Amazon websites.
Amazon.com, Inc.
In return, [A] was to pay Amazon compensation consisting of, among others, set-up fees, base fees, and sales commissions.
Litsentsitasu
Since the commission fee included in the [A] Agreement ranged from 4 % to 5 % of sales, the TP Report's first conclusion was that the implied royalty rate in the [A] Agreement ranged from 8,4 % to 11,7 % of sales.
ELi tütarettevõtjad
However, [A] had also committed to pay Amazon certain fees to compensate for both excess order capacity and excess inventory level.
LuxOpCo kasutas vaidlustatud eelotsust asjaomasel perioodil, et määrata oma iga-aastaste maksudeklaratsioonide täitmisel kindlaks oma iga-aastane tulumaksukohustus Luksemburgis.
Those fees, referred to in the agreement, were also converted into a percentage of sales, ranging from 1,2 % to 0,7 %.
Vaidlustatud eelotsusele tuginesid ka LuxSCS ja tema USAs asuvad partnerid, kuna selles kinnitatakse, et ei LuxSCSi ega tema partnerite suhtes ei kohaldata Luksemburgi äriühingu tulumaksu, kohalikku ettevõtlusmaksu või viimati nimetatute puhul maksu täisosaluse eest LuxSCSis.
Therefore, the arm's length range for the Royalty Rate was initially calculated to be between 9,6 % and 12,6 % of sales.
Tabel 2 näitlikustab vaidlustatud eelotsuse mõju of LuxOpCo Luksemburgi maksubaasi ja LuxSCSile makstava litsentsitasu arvutamisele alates 2006. aastast.
Accordingly, using the information available in the [B] Agreement, an upward adjustment of 1 % was proposed, resulting in an arm's length range for the Royalty Rate between 10,6 % and 13,6 % of LuxOpCo's sales.
Sellest tulenevalt on tabelis 2 koostatud konsolideeritud alusel ning käesoleva otsuse järgmistes osades ei tehta vahet LuxOpCo, ASE ja AMEU vahel.
Section 6.2 of the TP Report calculates an arm's length range for the License Fee (referred to in the TP Report as the ‘Royalty Rate’) on the basis of the residual profit split method.
LuxOpCo maksubaasi ja litsentsitasude arvutamine 2006–2013
In its application of that method, the TP Report estimated the return associated with LuxOpCo's ‘routine functions in its role as the European operating company’ based on the mark-up on costs to be incurred by LuxOpCo.
Luksemburgi maksuüksuse grupp
A comparable companies search in the Amadeus database using selection criteria related to geographic region, keyword search in business descriptions and industry classification of the search combined with manual screening identified seven companies considered comparable to Amazon.
[15000–15500]
Based on data concerning the seven comparables, the following three-year average (1999-2001) interquartiles range was presented: lower quartile was 2,3 %, median was 4,2 %, and upper quartile was 6,7 %.
[11500–12000]
As a result, a mark-up of [4-6] % was selected and applied to the operating expenses of LuxOpCo to determine ‘the relevant routine return attributable to LuxOpCo's functions’.
[3000–3500]
That return was subsequently deducted from LuxOpCo's operating profit.
Sellest
The resulting difference between that return and LuxOpCo's recorded profit, the residual profit, was considered by the TP Report to be wholly attributable to the use of the Intangibles licensed from LuxSCS.
marginaaliga seotud kulud
Finally, the TP Report divided each of the projected annual residual profits by the projected net sales of LuxOpCo to obtain an indication of the Royalty Rate.
[2500–3000]
The calculations made in the TP Report, are summarised and illustrated in Table 1.
[800–900]
Columns 1 and 3 have been added by the Commission to explain those calculations:
LuxOpCo – ettevõtjatevaheline
Table 1
[1500–2000]
Revenue
Saadud tegevuskasum
COGS
[600–700]
Gross Profit
Re Luksemburgi maksuüksuse grupi hinnanguline kogutulu [4–6] % korrigeeritud tegevuskuludest
a – b
[100–200]
Intercompany (co.uk, .de, .fr)
Kasumi ülemmäär (0,55 % tuludest)
LUX Commissionaire expense
[80–90]
Operating expense (incl.
Kasumi alammäär (0,45 % tuludest)
Intercompany)
[60–70]
d + e + f
Luksemburgi konsolideeritud kasum – ülemmäära/alammäära ja tasu kohta
Estimated Operating Net Profit (Loss) before Routine Return
Litsentsimakse (Luksemburgi maksuüksuse grupilt LuxSCSile)
c – g
[500–600]
Routine Return to LuxASE 0,14
LuxSCSile makstava litsentsitasu arvutuse kohaselt on LuxOpCo Luksemburgi maksubaasi kindlaksmääramiseks kasutatud kulubaas tema tegevuskulud ja ELi kohalike seotud ettevõtjate kulud, mille LuxOpCo hiljem hüvitab (tabelis 2 nimetatakse „LuxOpCo – ettevõtjatevaheline“).
Routine Return to LuxOpCo
Müüdud kaupade kulud ja teatavad muud kulud, mida nimetatakse tabelis 2 „marginaalist välja jäetud kuludeks (Mngt ja RSU)“, jäetakse LuxOpCo maksustatavast kasumist välja.
[4 – 6] % × g
Viimane kulukategooria koosneb järgmistest kuludest: i) alates 2008. aastast Amazon.com, Inc.
Estimated Residual Profit Payable to LuxSCS
USA seotud ettevõtjatele nende tugiteenuste eest nõutavad tasud, mida vaidlustatud eelotsuse ajal ette ei nähtud; ii) 2010. aasta alguses võttis Amazon.com, Inc.
h – i – j
LuxOpCo-lt tasu LuxOpCo ja tema teatavate otseste ja kaudsete Euroopa tütarettevõtjate töötajatele osakukompensatsiooniks antud aktsiate eest.
Effective Royalty Rate (as % of Revenue)
Amazon väidab, et need tasud ei muutnud LuxOpCo funktsioone ega riske.
k/a
LuxOpCo tegevuskulude ja ettevõtjatevaheliste kulude summa suhtes [4–6] % marginaali kohaldamine annab tulemuseks Luksemburgi maksuüksuse grupi tulu hinnangulise kogusumma.
Reconciliation of the two transfer pricing arrangements
Seda tulemust hinnati seejärel ülem- ja alammäära kriteeriumide suhtes (vastavalt 0,55 % ja 0,45 % tuludest).
Summarising the transfer pricing analyses of the License Agreement using the CUP method and the residual profit split method, the TP Report considered that the results converge and indicated that an arm's length range for the Royalty Rate from LuxOpCo to LuxSCS under that agreement is 10,1 % to 12,3 % of LuxOpCo's sales.
Juhtudel, kus tulu hinnanguline kogusumma oli suurem kui 0,55 % tuludest (nagu aastatel 2006, 2007, 2011, 2012 ja 2013), oli ülemmäära kohaldamine määrav tegur LuxOpCo Luksemburgis maksustatava tulu hindamisel, mida nimetatakse tabelis 2 „Luksemburgi konsolideeritud kasumiks – ülem-/ja alammäära ning tulu kohta“.
The TP Report then concludes that ‘while it is reasonable to conclude that a Royalty Rate chosen from within the range of royalty rates implied by both these methods would be consistent with the arm's length principle, there may be minor differences in the precise future Intangibles transferred under the [A] agreement that would account for the slight differences in results under the two methods. […] it is reasonable to conclude […] that the residual profit split analysis is less likely to produce biased estimates, and accordingly, may be considered to be a more reliable measure of the arm's length Royalty Rate’.
Lõpuks lahutatakse Luksemburgi konsolideeritud kasum (nimetatakse eelotsuse taotluses kui „LuxOpCo tulu“) tegevuskasumist (nimetatakse eelotsuses kui „ELi tegevuskasum“), et määrata kindlaks LuxSCSile makstav litsentsitasu.
CONSEQUENCES OF THE CONTESTED TAX RULING
AMETLIKU UURIMISMENETLUSE KÄIGUS ESITATUD LISATEAVE
By the contested tax ruling, the Luxembourg tax administration endorsed the contents of Amazon's letters of 23 and 31 October 2003.
TEAVE EUROOPA E-JAEMÜÜGITURU KOHTA
In particular, it accepted that the transfer pricing arrangement for the purposes of determining the level of the annual royalty to be paid by LuxOpCo to LuxSCS under the License Agreement, which in turn determined LuxOpCo's annual taxable income in Luxembourg, was at arm's length.
Euroopa e-jaemüügiturgu käsitleti aruandes, mille Amazon tellis [3. nõustajalt] (konsultatsioonifirma), mis sisaldab Euroopa e-kaubanduse sektori majandustrendide analüüsi („[3. nõustaja] aruanne“).
That arrangement is summarised in Figure 2:
[3. nõustaja] aruandes kirjeldatakse „e-jaemüüki“ füüsiliste kaupade müügina internetis internetimüüjate, st ettevõtjate poolt, kes ostavad kaupu, hoiavad neid oma varudes ja müüvad interneti kaudu.
Figure 2
Selle aruande kohaselt sarnaneb e-jaemüüjate tegevus rohkem füüsiliste jaemüüjate tegevusega kui digitaalteenuste osutajate tegevusega.
Structure of Amazon's European Entities 2006-2014 incl. arrangement for royalty payment
Peamine erinevus füüsiliste ja e-jaemüüjate vahel seisneb toote turustamise kanalis.
Taxable profit of LuxOpCo agreed in the contested ruling
Uuringus märgitakse ka, et e-jaemüüjad on struktuurselt vähem kasumlikud kui digitaalteenuste osutajad, sest e-jaemüüjate kulubaasi moodustavad põhiliselt muutuvkulud.
Recorded profit in excess of taxable profit agreed in the contested roling is paid by LuxOpCo to LuxSCS in the form of a royalty
Digitaalteenuste osutajate kulustruktuur on püsivam kui jaemüüjate oma, mis võimaldab mastaabisäästu ja suuremaid marginaale, kui ettevõtja on saavutanud vajaliku suuruse .
0,45 % on sales
Nii füüsiliste kui ka e-jaemüüjate puhul on mastaabisäästu mõju kasumlikkusele väike, sest valdav osa kuludest on muutuvkulud.
[4-6] % on OpEx
Müüdud kaupade kulu muutused, allahindlused ja logistikakulud, mis moodustavad peamise osa kogukuludest, on tugevas seoses ettevõtja müügimahtudega.
0,55 % on sales
See tegur ja e-jaemüügile iseloomulik tihe konkurents põhjustasid negatiivsed keskmised ärikasumi (EBIT) marginaalid Euroopa e-jaemüügiturul.
Amazon.com, Inc.
Ajavahemikul 2006–2013 oli keskmise ärikasumi marginaali suhe müüki – 0,5 %.
US
[3. nõustaja] aruandes tehtud analüüs viie kõige suurema rahvaarvuga Euroopa riigi turudünaamika kohta näitab, et „aastatel 2006–2013 kasvas e-jaemüügi segment hüppeliselt ja konkurents segmendis oli tihe“.
LUX LuxSCS
Eelkõige „[p]idid e-jaemüüjad tegema tiheda konkurentsi tõttu suuri investeeringuid turusegmendi kasvu säilitamisse ja konkurentsis püsimiseks, mis asetas seega marginaalid tugeva surve alla kui mitte negatiivsele poolele. e-jaemüüjad olid valmis tooma ohvriks lühiajalise kasumi, lootes, et tehtud investeeringud toovad pikas plaanis kasumit“.
Amazon EU Sàrl LuxOpCo
Aruandes jõutakse järeldusele, et Euroopa konkurentsitihedatel jaemüügiturgudel edu saavutamiseks tuleb arvestada nende turgude kohaliku eripäraga.
EU Sales invoiced and recorded in Luxembourg
TEAVE AMAZONI ÄRIMUDELI KOHTA
EU Subsidiaries
Amazoni ärimudeli „kolm sammast“