Thirty-five large companies have been ordered to fork over $765 million in tax breaks that European Union regulators have ruled were illegally provided by Belgium.
The European Commission, the EU’s top anti-trust regulator, said Monday that a tax benefit provided by Belgium allowed large, multinational companies to forgo taxes on as much as 90% of their profits — thus allowing them to pay “substantially less” than their competitors.
This type of preferential tax structure, which was marketed by Belgium’s tax authority under the logo “Only in Belgium,” is illegal under EU rules, the regulator said.
Belgium was ordered to recover as much as $765 million from the 35 companies that benefited from the tax breaks.
“Such schemes put smaller competitors at an unfair disadvantage,” the European Commission’s Margrethe Vestager, said in a statement. “They are active in the same markets and have to pay their taxes fair and square,” she said.
Full content: The Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI