Belgian illegal Big Business tax breaks

This video says about itself:

EU says Belgium’s tax breaks for multinationals are illegal

11 January 2016

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

After the scandal in Luxembourg, now Belgium.

From daily The Morning Star in Britain:

Belgium: EU orders recovery of millions in tax breaks

Tuesday 12th January 2016

EU COMPETITION commissioner Margrethe Vestager has ordered Belgium to recover $760 million (£521m) in illegal tax breaks from 35 transnational corporations.

She said that the tax advantage given to a select group of mainly European companies “distorts competition” by putting smaller competitors “on an unequal footing.”

“National tax authorities cannot give any company, however large, however powerful, an unfair competitive advantage compared to others. This scheme puts smaller competitors at an unfair disadvantage,” Ms Vestager stressed.

Belgian Finance Minister Johan van Overtveldt said he might still appeal to the highest EU court depending on negotiations on clawing back the taxes.

“The consequences for the companies involved could be major and recovery extremely complex,” he said.

Ms Vestager said that, under the Belgian system, companies did not have to pay taxes on more than 50 per cent of their actual profits, which sometimes went as high as 90 per cent.

“We know of no other scheme similar to this,” she said.

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