🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

AB InBev Among 39 Firms Targeted by New EU Probe on Belgian Tax

Published 16/09/2019, 11:16
© Reuters.  AB InBev Among 39 Firms Targeted by New EU Probe on Belgian Tax
DJI
-
BATS
-
BP
-
BASFN
-
AAPL
-
PFE
-
BUD
-
WBC
-
5108
-
ATLKY
-

(Bloomberg) -- Anheuser Busch Inbev (NYSE:BUD) is among 39 firms targeted by fresh European Union investigations into Belgian tax deals after an earlier order to recoup about 800 million euros ($885 million) was criticized by an EU court.

The European Commission opened separate probes into so-called tax rulings that Belgian doled out to multinational companies from 2005 to 2014, it said in an emailed statement on Monday. The rulings "may have given a selective advantage" to the companies "allowing them to pay substantially less tax."

The other companies targeted include BASF (DE:BASFN), BP (LON:BP), British American Tobacco (LON:BATS), Atlas Copco (OTC:ATLKY) , Belgacom, Dow Corning, Pfizer (NYSE:PFE), Wabco (NYSE:WBC), Celio International, and Bridgestone (T:5108).

The announcement comes a day before Apple (NASDAQ:AAPL) fights another tax battle with the EU at the same court, hoping it can also overturn an order to pay back billions of euros. Starting new probes in a case the EU thought it had wrapped up in 2016 shows the determination of Margrethe Vestager, the EU’s antitrust chief, to push on with a corporate crackdown. She’s been tasked with drafting new digital tax rules if global reforms don’t make progress.

The EU’s General Court threw out the initial tax investigation in February, saying regulators had failed to show the 39 firms were part of a specific tax program. The new investigations avoid that issue by probing each deal individually. The commission says the “excessive profit” rulings resulted in exempting the companies’ accounting profit from tax by more than 50% and sometimes up to 90%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.