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EU Annuls State Aid Finding Against Valencia

 |  March 12, 2020

An EU court ruled on Thursday, March 12, the European Commission had been wrong to find guarantees provided to foundations linked to Spanish soccer clubs, including Valencia, were unlawful State aid, reported Reuters. 

The guarantees by Spanish regional government of Valencia are modest, but the court’s view that the Commission made a number of errors in its assessment could undermine its crackdown on tax avoidance by and subsidies for multinationals.

The General Court of the European Union, the EU’s second highest court, is set to rule on the Commission’s 2016 order to iPhone maker Apple to pay back taxes of up to €13 billion euros (US$14.6 billion) to Ireland, as well as other cases.

It also heard arguments from Intel this week against a €1.06 billion (US$1.19 billion) euro EU fine imposed more than a decade ago.

Full Content: Yahoo

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