Plus   Neg

EU Opens Separate Investigations To Assess Tax Rulings Granted By Belgium

The European Commission, based on the General Court's guidance, has decided to open separate in-depth State aid investigations to assess the tax rulings granted by Belgium between 2005 and 2014 to 39 multinational companies.

In 2016, following an in-depth investigation, the Commission ordered Belgium to recover the aid granted to the companies. In February 2019, the General Court annulled the Commission's decision. The European Commission said, according to the General Court, the compatibility of the tax rulings with EU State aid rules needs to be assessed individually, which is why the Commission has now opened separate in-depth investigations.

The Commission's preliminary view is that by discounting "excess profit" from the beneficiaries' tax base, the tax rulings selectively misapplied the Belgian income tax code. The tax rulings may have given a selective advantage to the 39 multinational companies, the Commission stated.

Commissioner Margrethe Vestager said: "We also await further clarity from the European Court of Justice on the existence of an aid scheme."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until March 31 in response to lower travel demand due to the coronavirus pandemic. This means that travelers are provided additional flexibility by not asking them to pay penalties for changing the origin and destination cities. Lancaster Foods LLC has recalled certain conventional processed butternut squash items citing the potential to be contaminated with Listeria Monocytogenes, the U.S. Food and Drug Administration said. The products recalled included Autumn Medley, Butternut Squash Noodles, Butternut Squash Planks, Squash Noodle Medley, Butternut Squash Chunks, and Veggie Rice Blend in various measures. Amazon.com Inc. has offered to help the newly sworn-in US President Joe Biden with speedy delivery of Covid-19 vaccines across the United States amid the ongoing pandemic crisis. The e-commerce giant, whose majority of workers are in the frontline of the pandemic, reiterated its request to prioritize its essential workers to receive the vaccines at the earliest appropriate time.
Follow RTT