Belgium to recover €700 million from illegal tax scheme

© EU 2016

European Competition Commissioner Margrethe Vestager

The European commission has concluded that the Belgian “Excess Profit” tax scheme is illegal.

The European Union has ordered today Belgium to recover some €700 million in illegal tax breaks from 35 multinationals (mainly European) in the latest move to fight sweet deals many member states have offered to some of the world's biggest companies.

The Belgian "excess profit" tax scheme, applicable since 2005, allowed certain multinational group companies to pay substantially less tax in Belgium on the basis of tax rulings. The scheme reduced the corporate tax base of the companies by betwe...

This story is part of New Europe's Premium content.

To Read the Full Story, Subscribe or Sign In from the ↑ Top of the Page ↑
new europe join now