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Belgium's $762 Million Tax Loophole Shut in EU Payback Order

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  • Vestager lashes out at `double non-taxation' schemes
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The European Union ordered Belgium to recover about 700 million euros ($762 million) in illegal tax breaks given to at least 35 companies, including Anheuser-Busch InBev NVand BP Plc, as regulators continued a crackdown on overly generous tax schemes throughout the 28-nation bloc.

The European Commission told Belgium to recoup the full unpaid tax, saying that excess-profit rulings allowed global corporations to reduce their tax base by as much as 90 percent. Other beneficiaries included BASF SE, Proximus SA, Atlas Copco AB, Wabco Holdings Inc. and Celio France SAS, according to a person familiar with the matter who asked not to be named as the identities are confidential.