Law360, New York (January 21, 2016, 9:38 PM EST) -- Salomé Cisnal de Ugarte
David B. Blair
On Jan. 11, 2016, the European Commission declared that Belgium's "excess profits" tax regime and rulings issued thereunder are illegal state aid that violates the European Union's competition laws — in particular Article 107 of the Treaty on the Functioning of the European Union (TFEU). As a result of this decision, Belgium is now required to recover approximately €700 million in foregone taxes from over 35 multinationals. The Belgian government is however considering appealing this decision and multinationals benefiting from the scheme might consider doing it too.
Since 2013, the commission has been...
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