EU Top Court Rules Against Tax Scheme On Foreign Holdings

Law360, New York (December 21, 2016, 7:48 PM EST) -- The European Court of Justice on Wednesday set aside a lower court's decision on tax breaks granted to Spanish companies on their foreign holdings when it found that these tax breaks constituted illegal state aid.

The ruling, in consolidated cases involving Banco Santander and the World Duty Free Group, reinstates decisions that the European Commission delivered in 2009 and 2011 ordering Spain to recover aid granted under a measure that allowed companies based in Spain to deduct, from their corporate tax base, financial goodwill arising from shareholdings in foreign companies. The tax scheme did not apply to domestic shareholdings.

The EU's...

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