EU regulators order Luxembourg to recover 120 mln euros in Engie back taxes

EU regulators order Luxembourg to recover 120 mln euros in Engie back taxes
By Reuters
Share this articleComments
Share this articleClose Button

EU regulators on Wednesday ordered Luxembourg to recover 120 million euros (105.5 million pounds) in back taxes from French utility Engie <ENGIE.PA> after ruling that their tax deal infringed the bloc's state aid rules.

The move by the European Commission underlines its continuing crackdown against corporate tax deals which give some companies an unfair advantage.

"This artificially reduced the company's tax burden. As a result, Engie paid an effective corporate tax rate of 0.3 percent on certain profits in Luxembourg for about a decade. This selective tax treatment is illegal," European Competition Commissioner Margrethe Vestager said in a statement.

(Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek)

Share this articleComments

You might also like