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Amazon shareholders call for tax transparency

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© Reuters. FILEPHOTO: A door to an Amazon Books retailer in New York City is decorated with the logo of Amazon on February 14, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters] – 24 Amazon (NASDAQ: ) investors called for more transparency in tax disclosures by the tech giant and to adopt a standard reporting system, reported the Financial Times Sunday.

Investors seek to have a shareholder resolution calling for a revised tax reporting standard at this company’s annual meeting. FT reports that a letter has been sent to U.S. Securities and Exchange Commission.

“Aggressive tax practices can expose a company — and its investors — to increased scrutiny from tax authorities, adjustment risks, and increase their vulnerability to changes in tax rules as countries look to protect their tax bases from deleterious practices,” investors said in the letter seen by FT.

According to the newspaper, the investors include Nordea and Royal London asset managers and large European and U.S. retirement funds. They will demand that Amazon issue transparency reports in compliance with the Global Reporting Initiative (GRI’s) tax standard.

Amazon has not yet responded to my request for comment.

According to the FT, more than 100 people signed the letter, which included the New York City Office of the Comptroller as well the UK’s largest private pension fund Universities Superannuation scheme.

Greater Manchester Pension Fund (and Oblate International Pastoral investment trust) also submitted a shareholder proposal in December requesting Amazon implement the GRI Tax Standard. It includes country-by-country reporting on financial, tax, worker and taxpayer information.

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