European Commission Orders Luxembourg to Recover EUR120 Million in Taxes From Engie
20 Junio 2018 - 5:32AM
Noticias Dow Jones
By Max Bernhard
The European Commission has ordered Luxembourg to recover about
120 million euros ($139 million) in unpaid taxes plus interest from
Engie SA (ENGI.FR), after finding that the country allowed two of
the French company's subsidiaries to dodge taxes on most of their
profits for almost a decade.
"This is illegal under EU state aid rules because it gives Engie
an undue advantage," the commission said in a statement on
Wednesday.
An investigation concluded that two Luxembourg tax rulings
"artificially lowered" Engie's tax burden in the country, the
commission said.
"The rulings enabled Engie to avoid paying any tax on 99% of the
profits generated by Engie LNG Supply and Engie Treasury Management
in Luxembourg," it said.
The two Engie companies, Engie Treasury Management S.a.r.l. and
Engie LNG Supply SA, are both incorporated in Luxembourg.
The commission said that for almost a decade, Engie's effective
tax rate for profits in the country was less than 0.3%.
Total SA (FP.FR) agreed in November 2017 to acquire Engie's LNG
business, including Engie LNG Supply.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
June 20, 2018 06:17 ET (10:17 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Engie (EU:ENGI)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Engie (EU:ENGI)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
