Belgian tax scheme is illegal aid scheme, EU court says

Europe's second-top court on Wednesday backed an EU competition regulator's decision against a 700-million-euro ($748 million) Belgian tax scheme for 55 multinationals, in a major win for EU antitrust chief Margrethe Vestager's crackdown on sweetheart tax deals.

"The tax exemptions granted by Belgium to companies forming part of multinational groups constitute an unlawful aid scheme," the Luxembourg-based General Court said, confirming the European Commission's 2016 decision.

($1 = 0.9354 euros)