Competition weekly news summary
6 February 2015


Antitrust

  • Commission fines broker ICAP € 14.9 million for participation in several cartels in Yen interest rate derivatives sector
    4 February 2015
    The Commission has fined the UK based broker ICAP € 14 960 000 for having breached EU antitrust rules by facilitating several cartels in the sector of Yen interest rate derivatives (YIRD). In December 2013, the Commission already imposed fines on a number of major banks that decided to settle the case with the Commission.
    Read more >

State aid

  • Commission accepts commitments from France on fiscal exemptions for certain maritime chartering services in France
    4 February 2015
    The Commission has closed an in-depth investigation opened in 2013 to examine whether changes to French tax rules for maritime companies were in line with EU state aid rules. The Commission had concerns that granting fiscal benefits also to certain vessels sailing under non-EU flags would run counter the objectives of EU maritime transport policy. France has now committed to ensure that French tonnage tax payers flag at least 25% of their tonnage in the EEA. This addresses the Commission's concerns.
    Read more >
  • Commission opens in-depth investigation into the Belgian excess profit ruling system
    3 February 2015
    The Commission has opened an in-depth investigation into a Belgian tax provision which allows group companies to substantially reduce their corporation tax liability in Belgium on the basis of so-called "excess profit" tax rulings. In essence, the rulings allow multinational entities in Belgium to reduce their corporate tax liability by "excess profits" that allegedly result from the advantage of being part of a multinational group. At this stage, the Commission has concerns that the tax provision may grant certain companies a selective advantage over their competitors, in breach of EU state aid rules.
    Commissioner Vestager's statement >
    Press release >

Court

  • Cases T-473/12 and T-500/12 Irish air travel tax
    5 February 2015
    The EU General Court ruled on actions by Aer Lingus and Ryanair against a Commission decision of July 2012 finding that different tax rates applying in 2009 and 2010 to airlines transporting passengers in Ireland gave some companies an economic advantage over their competitors, in breach of EU state aid rules. The decision also ordered Ireland to recover the advantage from the beneficiaries. The GC confirmed the Commission's findings that the lower tax rate constitutes incompatible state aid. The GC also held that the Commission was right in ordering the recovery of the aid. However, the GC found that the Commission's method for quantifying the economic advantage to be recovered from the beneficiaries was erroneous and annulled this part of the decision.
    Full Aer Lingus judgment >
    Full Ryanair judgment >
    Court's press release >
    More about Commission's 2012 decision >

Subscriptions:

Editorial and legal information

Published by the Competition Directorate General of the European Commission. The content of this publication does not necessarily reflect the official position of the European Commission. Neither the Commission nor any person acting on its behalf is responsible for the use which might be made of the above information.

© European Union, 2015. Reproduction is authorised provided the source is acknowledged.

Competition website

DG Competition on Twitter