Business is still going strong for Amazon EU in Luxembourg. The European powerhouse of the American e-commerce giant recorded record sales income last year: €43.84 bn, compared to €32.18bn a year earlier, an increase of 39%. This was during a year which included the backdrop of covid-19, store closures and Europeans in confinement.

For the fourth year in a row, the company, which operates from Luxembourg for the European market, posted a loss--another record--at €-1.19bn. After taxes, so to speak, because for the third year in a row there were tax credits: €56.39m last year (compared to €294m in 2019 and €241m in 2018).

According to The Guardian, which first reported on these annual results, Amazon EU is sitting comfortably on tax credits amounting to €2.7bn.

While Amazon EU revenue has tripled since 2014, the number of its employees has increased tenfold, from 538 in 2014 to 5,262 last year.

“We have invested well over €78bn in Europe since 2010, and a large part of this investment is in infrastructure that creates thousands of new jobs, generates significant local tax revenues and supports European small businesses,” a spokesperson told Paperjam.

Last summer, the company announced that it had blocked the €250m that the European Court of Justice asked Luxembourg to recover, considering that the rulings passed with former prime minister Jean-Claude Juncker (CSV) were illegal state aid. The case is still pending.

The new record comes as new US President Joe Biden announced a sweeping plan in which multinational corporations would see their tax rates raised from 21% to 28% and to a minimum of 15%.

This article was originally published on Paperjam and has been translated and edited for Delano.