The European Union (EU) has opened an investigation into tax breaks that Belgium may be granting multinational corporations (MNCs) in the latest of its reviews of ‘sweetheart’ tax deals across Europe.
Competition commissioner Margrethe Vestager said that Belgium’s system was believed to breach EU rules on unfair state aid and that it “appears to grant substantial tax reductions only to certain multinational companies.
“If our concerns are confirmed, this generalised scheme would be a serious distortion of competition unduly benefitting a selected number of multinationals,” she said. Vestager did not name any specific companies.
The European Commission (EC), the EU’s executive arm, said the Belgian tax provision allows companies to reduce tax by registering “excess profits” that allegedly result from the advantage of being part of a multinational group.
Last month EU regulators charged Luxembourg with giving illegal tax breaks to Amazon. The EU is also investigating into tech giant Apple’s tax deals with Ireland, coffee shop chain Starbucks with the Netherlands and Italian carmaker Fiat, also with Luxembourg.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.