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
Polaris Industries Inc. recalled about 15,800 units of Off-Road and Utility Vehicles in North America for possible crash hazard, according to a statement issued by the U.S. Consumer Product Safety Commission. There were also an additional 711 units sold in Canada. AstraZeneca's efforts to supply Covid-19 vaccine doses from its Italian unit to Australia has been blocked by the European Union and the Italian Government, citing Australia being non-vulnerable region and delays in domestic supply, among others. Italy's proposal to deny AstraZeneca's request for authorization to export COVID-19 vaccines was subsequently approved by the European Commission. Chipotle Mexican Grill, Inc. is teaming with e.l.f. Cosmetics to launch a limited edition beauty collection on March 10, aiming to support plant-based lifestyles and responsibly-sourced products. The e.l.f. x Chipotle makeup collection will comprise cruelty-free and vegan products inspired by Chipotle's responsibly-raised food.
Follow RTT