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EU orders Amazon to pay 250 million euros after tax deal
The European Union ordered Amazon to pay back roughly 250 million euros ($294 million) in taxes to Luxembourg. Photo: AP

The European Union ordered Amazon to pay back roughly 250 million euros ($294 million) in taxes to Luxembourg after determining the e-commerce giant had been granted an "illegal" tax advantage dating back to 2003, per Reuters. The EU's Competition Commissioner, Margrethe Vestager, stated that as a result, almost 75% of Amazon's profits hadn't been taxed.

Why it matters: The move highlights the accelerated rate at which the EU is cracking down on the tech titans who have been given unfair advantages over their competitors. And although the fine won't make a huge dent in Amazon's bank account, the bigger concern is the more aggressive ways in which EU regulators are tightening their grip on big tech's expansive power.