Engie Loses Appeal Against EU Order for Illegal Tax Benefits in Luxembourg
By Giulia Petroni
French utility Engie SA on Wednesday lost its appeal against an
EU order to pay back around 120 million euros ($145.8 million) of
unpaid taxes to Luxembourg for having allegedly profited from
illegal tax benefits in the country between 2008 and 2014.
In 2018, the European Commission found that two sets of tax
rulings issued by Luxembourg authorities artificially lowered
Engie's tax burden for about a decade. These rulings allowed the
company to avoid paying any taxes on 99% of the profits generated
by Engie LNG Supply and Engie Treasury Management in Luxembourg,
according to the European Union's executive arm.
Engie is considering the possibility of appealing the court's
decision, a spokesperson told Dow Jones Newswires on Wednesday.
Write to Giulia Petroni at firstname.lastname@example.org
(END) Dow Jones Newswires
May 12, 2021 08:09 ET (12:09 GMT)
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