(Bloomberg) The European Union ordered Belgium to recover about 700 million euros ($762 million) in illegal tax breaks given to at least 35 companies, including Anheuser-Busch InBev NVand BP Plc, as regulators continued a crackdown on overly generous tax schemes throughout the 28-nation bloc.
The European Commission told Belgium to recoup the full unpaid tax, saying that excess-profit rulings allowed global corporations to reduce their tax base by as much as 90 percent. Other beneficiaries included BASF SE, Proximus SA, Atlas Copco AB, Wabco Holdings Inc. and Celio France SAS, according to a person familiar with the matter who asked not to be named as the identities are confidential.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access