EU antitrust regulators will rule against French utility Engie’s tax deals with Luxembourg in the coming weeks, Reuters reported citing people familiar with the matter.
It will be the third ruling by the European Commission against Luxembourg’s tax deals with multinationals and the fifth against European Union countries including Ireland, Belgium and the Netherlands, and could result in Engie paying millions of euros in back taxes.
The Luxembourg finance ministry, which has denied giving Engie any special treatment, said it would make a comment in due time. Engie said it had not been informed of any imminent EU decision.
The Commission in 2016 opened an investigation into rulings granted by Luxembourg to Engie since 2008, which the regulator said appeared to treat the same financial transaction between Engie subsidiaries as both debt and equity. The company has been present in Luxembourg since 1933.
Full Content: Reuters