UK Loses EU Court Bid to Topple Bloc's Tax Clawback Order [Business News Network (BNN) (Canada)]
Pearson, Plc (PSO)
US:NYSE Investor Relations:
pearson.com/corporate/investors/investor-information.html
Company Research
Source: Business News Network
allegedly illegal tax breaks from multinational companies the EU said had received an unfair advantage. The European Commission's decision in April 2019 said some businesses were given an unjustified exemption from British anti-tax avoidance rules, violating state-aid rules that ban special treatment for individual firms. The UK and several of the companies appealed to the Luxembourg-based EU courts. The EU General Court, the bloc's second-highest tribunal, in a ruling on Wednesday dismissed the UK's challenge “in its entirety,” saying the commission didn't make any errors of assessment. While the commission said the exemption was partly justified and didn't identify which firms unduly benefited from it, scores of companies came forward since the probe started in 2017. Some two dozen UK companies are facing a combined tax bill of £639.4 million ($801 million) from the EU illegal state aid ruling. The companies, which include cigarette maker Imperial Brands Plc. and book publis
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