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PostPosted: Sat Apr 28, 2018 9:52 am 
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Employing the Services of Expert Locksmith Hollywood Sherrie Niblock
Submitted 2014-02-04 12:57:44
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BRUSSELS, Oct. 21 (Xinhua) -- The sweetheart tax deals struck by Starbucks and Fiat with European nations were ruled illegal, the European Commission announced on Wednesday, demanding each to repay up to 30 millions euros (34 million U.S. dollars) in back taxes.


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EU member states including Luxembourg and the Netherlands have competed to lure multinationals to open subsidiaries on the ground and promised them with tax breaks.


Dutch and Luxembourg tax policies have for years helped Starbucks and Fiat reduce tax by a total of between 20 and 30 million euros respectively, said the commission in a statement.


"Tax rulings as such are perfectly legal," the commission said. Starbucks and Fiat were given tax assurance, or "comfort letters" by Dutch and Luxembourg government. The comfort letters gave companies clarity on how their corporate taxes would be calculated or on the use of special tax provisions.


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Starbucks Manufacturing in the Netherlands, Starbucks group's only coffee roasting company in Europe, has benefited from undue tax advantages since 2008, which resulting in substantially-reduced taxable profits.


Fiat Finance and Trade, Fiat's internal lucrative financing subsidiary in Luxembourg [url=http://www.authenticnflsteelersshop.com/authentic-jack-lambert-jersey.html]Jack Lambert Jersey[/url] , has also unduly reduced the company's tax burden around 20 and 30 million euros over the past three years.


Last year, Fiat Finance and Trade paid "not even 0.4 million euros" in corporate tax and Starbucks Manufacturing paid "not even 0.6 million euros."


As a result, the commission ordered Luxembourg and the Netherlands "must now" recover the unpaid tax from Fiat and Starbucks. That means each of the two companies has to repay 20 to 30 million euros in back taxes.


Margrethe Vestager, EU's antitrust commissioner, said the commission's decision aimed to send out a clear message that "national tax authorities cannot give any company [url=http://www.authenticnflsteelersshop.com/authentic-jerome-bettis-jersey.html]Jerome Bettis Jersey[/url] , however large or powerful, an unfair competitive advantage compared to others."


"All companies, big or small, multinational or not, should pay their fair share of tax [url=http://www.authenticnflsteelersshop.com/authentic-james-conner-jersey.html]James Conner Jersey[/url] ,".


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