Temu doubles profits in EU, taxes lag behind

(updated) Temu more than doubled its European profits in 2024 to nearly 120 million dollars (111 million euros). Revenue even climbed by 124%. Yet there is criticism of how little tax the platform pays in Europe.

Quarter of the EU population

Revenue rose last year from 758 million dollars (703 million euros) to 1.7 billion dollars (1.58 billion euros), according to figures from Irish parent company Whaleco Technology. The platform now has more than 115 million customers in the European Union, accounting for a quarter of the population. According to the Fair Tax Foundation, Temu’s Irish entity facilitated a total of around 10 billion dollars in sales in the EU.