EU commission: Belgian tax rulings are 'illegal'

The European Commission said on Monday that it considers Belgium's tax scheme on excess profit "illegal" and that the country will have to recover around €700 million from 35 multinational companies.

"The scheme allowed companies to pay substantially less tax simply because they are multinationals and could benefit from alleged synergies," competition commissioner Margrethe Vestager said at a press conference.

Tax rulings were handed by Belgian tax authorities to multinationals un...