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Jun 13th, 2018 Comments Off on Reports Of Amazon Paying Taxes To Washington

Reports Of Amazon Paying Taxes To Washington

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According to sources, Washington was able to earn a total of $250 million from state and local taxes owed by Amazon for the year 2017. The disclosure came after a proposal was released by the Seattle City Council regarding a new legislation that will change how big companies are being taxed. The proposal indicates that the tax will depend on the number of people working under the company. Every business, small or big, must have a Washington state tax ID in order for them to pay their taxes.

Amazon has already made an announcement that they are planning to stop their planned expansion within the city if the proposal is made into a bill. This means that their plan to construct a tower with 17 floors will be suspended. Instead they are going to opt for a skyscraper currently being built and enter a sublease agreement.

The source said that the amount was a combined payment to the state, county as well as city taxes. It also covers the sales tax after the purchase and equipment and supplies by the company but it does not cover the purchases made by customers from products sold by Amazon.There is no data as to the breakdown of the entire $250 million paid and what entities in the government were received the payment.

There is no confirmation on the tax data coming from the spokesperson of Amazon. There is also no comparison as to how much other huge companies are paying the state of Washington. This is because of the confidentially agreement between the government agencies and the taxpayers information. There is also no confirmation coming from the Department of Revenue of the State as well as the finance department in Seattle.

Companies are also not known to share such information unless they are required by regulators to do so. This is why many businesses are confident to apply for a Washington state tax ID because they know that their information is valued by government agencies. Washington currently imposes no income tax to both individuals and corporations therefore attracting more businesses.

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