TaxAdministrationEU wins right to £2.5bn tax breaks

EU wins right to £2.5bn tax breaks

The EU claimed victory late last week in its long-running feud with Washington over illegal tax breaks given to US multinational companies.

Link: Monti calls for ban on two EU tax regimes

The World Trade Organisation handed Brussels the right to put a record $4bn (£2.5bn) in tariffs on American goods. The EU’s trade commissioner, Pascal Lamy said: ‘We are satisfied with today’s decision that makes the cost of non-compliance with the WTO crystal clear,’ in the Guardian on Saturday.

‘The arbitrators have endorsed the EU’s request, i.e. they have given us an amount of potential countermeasures which will create a major incentive for the US to eliminate this huge illegal export subsidy.’

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