EU says Belgium's tax breaks for multinationals 'illegal'

GMT 11:26 2016 Monday ,11 January

Arab Today, arab today EU says Belgium's tax breaks for multinationals 'illegal'

The eurozone economy
Brussels - Arab Today

The EU on Monday said tax breaks offered major multinationals in Belgium, including beer giant AB InBev and British American Tobacco, were illegal and ordered the companies to return 700 million euros ($762 million) in unpaid taxes.

"The European Commission has concluded that selective tax advantages granted by Belgium under its 'excess profit' tax scheme are illegal under EU state aid rules," Competition Commissioner Margrethe Vestager told a press conference.

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