Starbucks, Fiat to repay illegal tax advantages
US coffee retailer Starbucks and the financing arm of Italian carmaker Fiat must repay several millions of euros in illegal tax advantages. The ruling is part of an EU clampdown on corporate tax avoidance.
EU Competition Commissioner Margrethe Vestager announced Wednesday that tax rulings which “artificially reduce a company’s tax burden” were illegal because they were “not in line with EU state aid rules.”
As a result, the EU Commission ordered the Netherlands and Luxembourg to recover the illegal tax benefits from Starbucks and Fiat, respectively. The Commission estimated that each company could owe up to 30 million euros ($34 million), but said the precise amounts would have to be determined by authorities in the Netherlands and Luxembourg.
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Source News: DW