EU officials opened an investigation into the tax affairs of major multinationals in Belgium on Tuesday.<br /><br /> The probe focuses on so-called “excess profit” tax rulings and whether they amount to state aid.<br /><br /> They allow companies to reduce their corporate tax liability due to “excess profits” they claim are the result of being part of a multinational group.<br /><br /> EU’s Competition Commissioner Margrethe Vestager said “certain multinationals end up paying taxes only a part of their taxable profits in Belgium without being justified under taxation principles.” <br /><br /> The European Commission declined to comment on how many companies are involved.<br /><br /> It means the EU has now opened five state aid investigations related to corporate tax.<br /><br /> The subject has been back in the spotlight after it emerged more than 300 corporations had brokered favourable tax deals with Luxembourg.
