courtRegulatorsWorld News

Court win for EU regulators in crackdown on $825 million Belgium tax scheme - Financial Markets Worldwide

Please try another search

ReutersStock Markets7 minutes ago (Sep 16, 2021 04:26AM ET)

© Reuters. European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman

By Foo Yun Chee and Marine Strauss

LUXEMBOURG (Reuters) -Belgium on Thursday lost its fight against an EU regulatory ruling that tax breaks granted to Magnetrol, BP (NYSE:) and more than 30 other multinationals constituted an illegal aid scheme after Europe’s top court backed competition enforcers.

The ruling by the EU Court of Justice (CJEU) is a win for the European Commission, which to date has won three cases at the lower tribunal but lost two, including its order to iPhone maker Apple (NASDAQ:) to pay 13 billion euros ($15.3 billion) in Irish back taxes which was dismissed by the tribunal last year.

The EU enforcer in its 2016 decision ordered Belgium to recover some 700 million euros from companies which benefited from the scheme. These included U.S. manufacturer Magnetrol, oil major BP, chemical producer BASF, Wabco, Cellio, Atlas (NYSE:) Copco and Belgacom now Proximus.

The EU competition watchdog said the series of tax rulings given to the companies constituted an aid scheme. The move was part of a crackdown by Commission Vice-President Margrethe Vestager against sweetheart deals between EU countries and multinationals.

The CJEU agreed with the Commission’s arguments, saying that the General Court had made several legal errors.

“The Commission correctly found that there was an aid scheme,” judges said.

Judges referred the case back to the lower tribunal, which in 2019 annulled the European Commission’s 2016 decision.

The case is C-337/19 P Commission v Belgium and Magnetrol International.

($1 = 0.8482 euros)

Related Articles

German railways, train drivers reach pay deal - source

German railways, train drivers reach pay deal – source
By Reuters – Sep 16, 2021

BERLIN (Reuters) – German rail operator Deutsche Bahn has reached a pay deal with train drivers, ending a dispute that led to three rounds of strike action over recent weeks, a…

Chipmaker TSMC aims for net zero emissions by 2050

Chipmaker TSMC aims for net zero emissions by 2050
By Reuters – Sep 16, 2021

TAIPEI (Reuters) – Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker, said on Thursday that it aims to reach net zero emissions by 2050,…

UK fashion retailer ASOS targets lower carbon footprint with new goals

UK fashion retailer ASOS targets lower carbon footprint with new goals
By Reuters – Sep 16, 2021

(Reuters) -Britain’s ASOS (LON:ASOS) aims to cut its environmental impact, use more sustainable materials and appoint more diverse corporate leaders, it said on Thursday, joining…

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button