Insider Business Apple to pay €13 billion to Ireland after EU court overrules tax...

Apple to pay €13 billion to Ireland after EU court overrules tax break ruling – blow to tax break

EU judges dealt a possible blow to an EU crackdown against tax avoidance by global multinationals on Thursday by annulling an order by the EU executive against a Belgian tax-break scheme for about 35 large companies.

The anti-avoidance drive led by Competition Commissioner Margrethe Vestager has included orders to Ireland to recover some 13 billion euros from iPhone maker Apple and to Luxembourg to claw back up to 30 million euros from Fiat Chrysler, 250 million euros from Amazon and about 120 million euros from France’s Engie.

The Netherlands has been told to recover between 20-30 million euros from Starbucks.

It is not yet clear how much of an impact the decision by the General Court, the lower branch of the Court of Justice in Luxembourg, may have on other cases. Legal experts will be scrutinising the detail of the Belgian ruling.

“The General Court annuls the Commission’s decision concerning tax exemptions granted by Belgium by means of rulings,” the EU tribunal said in Luxembourg.

“The Commission wrongly considered that the Belgian system relating to the excess profit of multinational companies constituted an aid scheme,” it said.

The case involved Dutch industrial company Magnetrol and Belgium which took their cases to the General Court after the Commission in 2016 ordered Belgium to recover some 700 million euros from the companies which benefited from the scheme.

(Reuters)

Top Stories

Forest fires red alert for 2nd day running

  The forestry department has issued yet another fire red alert, as hot and dry conditions continue and temperatures on the mountains are expected to...

Greece PM says won’t accept strict EU conditions on COVID aid – FT

  Greece will not accept strict European Union conditions on the use of the coronavirus emergency aid, Prime Minister Kyriakos Mitsotakis told the Financial Times...

Mexico surpasses France in coronavirus death toll, 5th highest globally

  Mexico reported 523 more coronavirus deaths, pushing its tally to 30,366, overtaking France to become the fifth-highest in the world. The health ministry also reported...

Japan braces for return of torrential southern rains that killed 16

  Torrential rains that hit Japan’s southern island of Kyushu killed 16 people, with 13 going missing and 17 showing no vital signs, public broadcaster...

WHO halts hydroxychloroquine, HIV drugs in COVID trials after failure to reduce death

  The World Health Organization (WHO) said it was discontinuing its trials of the malaria drug hydroxychloroquine and combination HIV drug lopinavir/ritonavir in hospitalised patients...

Taste

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...