In a Decision of 11 January 2016, the European Commission declared the Belgian excess profit scheme, pursuant to which Belgium granted advance tax rulings authorising Belgian entities which were part of multinational groups to exempt part of their profits from corporate income taxation, incompatible with the internal market and unlawful. The Commission also ordered the recovery of all incompatible and unlawful aid. This last measure affected a large group of potential beneficiaries (the annex to the Decision contained an indicative list of 55 beneficiaries). The Decision was part of a broader investigation into compliance of tax rulings in various Member States with State aid rules. This Decision has now been annulled by the General Court of the European Union (GC), following appeals
The EU General Court annuls the Commission’s State aid decision regarding the Belgian excess profits tax ruling system (Magnetrol International)
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