The EU General Court overturned a European Commission order that would have required Amazon to pay about €250 million in back taxes, dealing another setback to the commission’s crusade against preferential state aid deals.
The board’s amendment removes the uncertainty on whether the exemption from recognising deferred tax applies to leases and decommissioning obligations.
Major players in the electronics industry, accustomed to the long time horizons of chip production, have mostly avoided major disruptions from the chip shortage.