EU orders 35 companies to pay $765M in taxes

January 11, 2016 2:54 PM

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NEW YORK—Thirty-five large companies have been ordered to fork over $765 million in tax breaks that European Union regulators have ruled were illegally provided by Belgium.

The European Commission, the EU's top anti-trust regulator, said Monday that a tax benefit provided by Belgium allowed large, multinational companies to forgo taxes on as much as 90% of their profits, and to therefore pay "substantially less" than their stand-along competitors.

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