In a Wednesday press release, the agency said, “The European Commission has closed three in-depth State aid investigations into transfer pricing tax rulings granted by Luxembourg to Fiat and Amazon (AMZN), and by the Netherlands to Starbucks (SBUX). Following judgments by the EU Courts, the Commission found that the tax rulings did not grant the companies selective advantages. In 2015 and 2017, the Commission found that Luxembourg granted selective tax advantages to Fiat and Amazon, and the Netherlands to Starbucks, in breach of EU State aid rules. In each case, the Commission found that a tax ruling issued by the respective national tax authority artificially lowered the tax paid by each company and therefore granted them a selective advantage over other companies. The Commission’s original decisions in all three cases were ultimately annulled by the EU Courts and therefore the respective in-depth investigations remained open…taking into account the guidance of the EU Courts, the Commission has adopted three final decisions closing its in-depth investigations and confirming that, when granting their respective tax rulings, Luxembourg and the Netherlands did not give these Fiat, Amazon and Starbucks selective tax advantages contrary to EU State aid rules.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. >;elm:context_link;itc:0;sec:content-canvas” class=”link”>Try Now>>
Read More on AMZN:
Add Comment