The EC said on Monday that an 'excess profit' tax mechanism used by 35 multinational companies in Belgium was in breach of EU state aid rules. *
The Commission has ordered Belgium to recover the unpaid taxes, which it says amount to some €700 million.
Johan Van Overtveldt, Belgium's finance minister, said the country's government would not rule out an appeal and noted that no excess profit rulings had been issued since February 2015. *
The EC continues to investigate tax arrangements between Ireland and Apple, Luxembourg and Apple and the Netherlands and McDonalds.