EU Drops Case Against UK Over Aid Given By Gibraltar

By Todd Buell (October 6, 2021, 4:33 PM BST) -- The European Commission said Wednesday that it would drop its decision to refer the United Kingdom to the European Court of Justice in a dispute over tax breaks given by Gibraltar to multinational firms.

The commission, the EU's executive branch, said it had decided to drop the planned referral after the U.K. confirmed that the full recovery of illegal aid from Gibraltar to several multinational companies had been finalized. The EU had accused the tiny U.K. territory of violating EU state aid rules — through a tax exemption scheme for passive interest and royalties and through tax rulings granted to companies...

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