The Washington Post reports that European Union authorities have ruled that Amazon must pay $294 million (US) in back taxes to the Luxembourg-based government, following a three-year investigation.

The Washington Post reports that the case “is the latest in a string of U.S. technology firms to face tax-related penalties in the European Union … According to the European Union, Amazon put ‘the vast majority’ of its profits in a Luxembourg-based holding company, which allowed the company to avoid paying taxes on the bulk of its European profits between 2006 and 2014. Under Luxembourg’s tax laws, Amazon’s holding company - a limited partnership without employees, offices or business activities - was not subject to corporate taxes, which ‘granted a selective economic advantage to Amazon,’ according to European authorities.”

Amazon reportedly is considering an appeal.

KC's View: Be thankful I don't take it all, ‘Cause I'm the taxman, yeah I'm the taxman… (With a nod to George Harrison…)