The European Commission has referred Britain to the Court of Justice of the European Union for failing fully to recover illegal State aid of up to €100 million (US$118.9 million)granted as tax exemptions in Gibraltar.
According to Reuters, the Commission, which oversees competition policy in the 27-member EU, stated on Friday, March 19, the corporate tax exemptions covered passive interest and royalties between 2011 and 2013 and so took place before Britain exited the European Union.
Margrethe Vestager, the Commission’s vice-president in charge of competition policy, said, “The aid granted by Gibraltar in the form of corporate tax exemption for passive interest and royalties gave an unfair advantage to some multinational companies and had to be recovered by the United Kingdom and the Gibraltar authorities. However, more than two years after the Commission adopted this decision, the aid has still not been recovered in full and sufficient progress has not been made in restoring competition. That is why we have decided to refer the United Kingdom to the Court of Justice for failing to implement this decision.”
Recovery was still pending from Mead Johnson Nutrition and partially from Fossil, the Commission stated.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Former Novartis Executive Sentenced to Probation for Role in Generic Drug Price-Fixing Scheme
May 16, 2024 by
CPI
NCAA Faces Bankruptcy Threat from Antitrust Lawsuits
May 16, 2024 by
CPI
K&L Gates Expands Antitrust Practice with New Partners
May 15, 2024 by
CPI
Polish Regulators Probe PS Store and Steam for Antitrust Violations
May 15, 2024 by
CPI
French Regulator Meat-Cutting Sector Case Following Antitrust Review
May 15, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI