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EU Shuts Down Belgium Tax Breaks for Multinationals

The European Commission ordered Belgium on Monday to recover more than $760 million in illegal tax breaks from dozens of multinationals, the EU executive's biggest move yet to crack down on tax avoidance by large companies. The Commission said Belgium's "excess profit" tax system, offered to some 35 multinationals, breached EU rules on state aid to companies and could enable them to reduce their tax bases by up to 90 percent. It said the same benefit was not granted to...

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