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ExtraTorrent.cc > Articles > Amazon Stealing Cash from UK Citizens

Amazon Stealing Cash from UK Citizens

Amazon Stealing Cash from UK Citizens

Added: Monday, October 29th, 2012
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2010, www.extratorrent.com
Online seller Amazon has been making profits from its UK customers by making them pay 20% VAT on electronic book sales, while the seller has to pay only 3% VAT. The difference is simply pocketed by Amazon.

computer-theft-spyw_718168t.jpg


Newspapers claim that the Luxembourg-based bookseller is making money from a European tax anomaly, trousering the difference between what it forces customers to pay and what it really pays itself.

Although the publishers know about this, they are too afraid of doing anything, because the service might stop selling their products. Entities like Amazon are supposed to collect the VAT levy from their consumers before passing it on to the government. In our case, Amazon only has to pass 3% from ebook sales to Luxembourg government, but if it was based in the United Kingdom it would have to pass 20%.

The online book seller is starting negotiations with its publishers on the basis that the British VAT rate of 20% must be knocked off the cost price, which gives it profit of 13.8% from ebook price in the rip-off UK. The company is negotiating further discounts on top of the VAT subsidy. However, these might result in publishers receiving less than 10% of what the online customer actually paid.

Of course, the publishers are not happy about that. One of the senior publishing executives admitted that the online service was not nice to deal with. The matter is that Amazon could easily shut down the buy button on their portal on titles of any publisher who would step out of line.

Actually, in one case the company went as far as to seek a deal which would have resulted in a 92% discount. The addressed publisher refused the terms, because they would have received only 80p on an ebook selling for £10 on the seller’s British website. Of those 80p, the author would have received only 3p per each sold copy at that rate. In the meantime, Amazon bars the publisher from offering a more profitable deal to another retailer if they don’t provide the same discount to Amazon.

According to Security and Exchange Commission, the statistics say that within the past 3 years, the online retailer has generated sales of over £7.6 billion in the United Kingdom, but didn’t attract any corporation tax on these profits. This, as you can understand, is just another source of profit for the company.


By:
SaM
October 29th,2012

Posted by: 
SaM

Date:  Monday, October 29th, 2012



Comments (11) (please add your comment »)

1
posted by Turtle (2012-10-29 15:29:53)
No avatarMultinational corporations - please come to Britain, where you can exploit our citizens for paltry wages while paying no taxes on your company's profits. Don't worry, we'll get our taxpayers to make a tiny dent in the tax hole you're creating by taxing their tiny incomes to the hilt. And on top of that, we'll relax the employment laws so you can make your British pauper wage-slaves redundant at a moment's notice - because remember: multinational corporations that make billions of pounds profit while paying no taxes and minimum wages are much more important than our citizens! They're plebs!

2
posted by (2012-10-29 16:39:33)
No avatarOnce again screwed by our Government's ineptitude

3
posted by (2012-10-29 18:02:16)
CREEP_INC avatarThey call pirates thieves, while corporations rape the poor.

4
posted by (2012-10-29 20:37:30)
jumbo71 avatarits time the revelution starts ...
time to out the government and send them packing....
its our only way.......
they have taken the piss far to long now and people are just sitting here letting them take everything from what you earn..

5
posted by Site FriendET junkieET loverSupermanSunimmortal (2012-10-29 20:58:35)
jj avatarAh, so this is what happened to DON's money...oh wait...books involve reading...n/m lol

6
posted by (2012-10-29 21:50:30)
ic3m4l3 avatarJJ dont make me kick your arse!!!

7
posted by (2012-10-29 23:23:20)
wiley789 avatarno need for revolution, except in the way we vote.
Democracy in the world, as we know it, is seriously flawed, by electing "representatives" we take away the power from the people, all representatives in the end work for their PARTY, not the people. as soon as you have a collection of people who call themselves a party, it is because they share the same views and ideas, and if elected, it wont matter what WE want, but what THEY want. Direct Democracy, is the ONLY real option we have to regain the power from politicians and have the people make the decisions on important issues. This is, after all the 21st century and the access to tech for communication is astounding, we can vote online or over the phone so easily, yet we have a dinosaur system of pieces of paper where it is easy to fiddle the results. THE WORLD NEEDS CHANGE. people should make the effort and find out about direct democracy, we, at the moment, have no-one to blame but ourselves for most of the corruption in governments, because we put up with it, lets say...NO MORE
Switzerland can do it, so can we all.

8
posted by (2012-10-30 07:20:17)
giraffe avatarThanx for the article Sam, I'm going to pirate an Amazon product today just to balance it out.

@jumbo71 +1 for the revolution.

9
posted by (2012-10-30 07:48:41)
Boghound avatar@livensflame

Before you start going off at a tangent about the wages paid and the employment laws in the UK you should get your facts straight....The high minium wage in the UK is crippling small business's to such a point that many are closing down....As far as the employment laws are concerned perhaps you should have a go at trying to sack workers that are useless at their jobs and see just how much the employment laws are loaded against the employer.....As far as the statement of relaxing employment laws to suit multinationals....That's just plain fantasy....

As far as Amazon....It's gone the same way as Ebay went five years plus ago...But it's only doing what Branson did 40 years ago to start Virgin off...

10
posted by Turtle (2012-10-30 09:53:18)
No avatarI've got my facts straight, Tory apologist scum.

11
posted by (2012-10-31 05:44:59)
Boghound avatarYes and proud of it....As soon as you grow up and grow some hairs on your balls perhaps then you will have enough experience of life to comment on issues like an adult..



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