Thursday, October 7, 2021 - 09:34
ABOUT €100 MILLION IN STATE AID BY GIBRALTAR TO SEVERAL MULTINATIONAL COMPANIES
Following the confirmation by the United Kingdom that the full recovery of the illegal State aid granted by Gibraltar to several multinational companies has been finalised, the Commission has decided to repeal its decision to launch a Court action against the United Kingdom for failure to implement the recovery order.
On 19 December 2018, the Commission adopted a State aid decision finding that Gibraltar's corporate tax exemption regime for passive interest and royalties, as well as five tax rulings, were illegal under EU State aid rules. The Commission therefore ordered the United Kingdom to recover the around €100 million of illegal aid from the beneficiaries.
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07-10-21 PANORAMAdailyGIBRALTAR
