💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

EU's Vestager says not investigating Google's European tax deals

Published 10/10/2016, 01:16 PM
Updated 10/10/2016, 01:20 PM
© Reuters. Attendees wait for the program to begin during the presentation of new Google hardware in San Francisco
GOOGL
-
AAPL
-
SBUX
-
GOOG
-

By Foo Yun Chee

BRUSSELS (Reuters) - EU regulators who are investigating whether Alphabet unit (O:GOOGL) Google is abusing its market power have has not extended their scrutiny to its tax deals with national authorities across Europe, the EU's antitrust chief said on Monday.

Margrethe Vestager, who in recent months ordered Apple (O:AAPL) to pay up to 13 billion euros ($15 billion) in back taxes to Ireland and Starbucks (O:SBUX) up to 30 million euros to the Dutch tax office, said Google was not on her radar for now.

"So far, no, we have nothing formal on that one," Vestager told reporters.

She said she had not received any formal complaint from the Scottish National Party which in January sent a letter to the European Commission concerning Google's 130-million-pound ($160 million) back tax deal with British tax authorities which some British politicians criticized as a derisory amount.

Vestager also defended the slow pace of the Commission's antitrust cases against Google, saying she wanted the shopping case to be water-tight. This first case has dragged on since 2010 when her predecessor kicked off the investigation.

"I am as sorry as you and everyone else that antitrust work is taking a lot of time," she told European lawmakers earlier on Monday.

"But it is also a sign that this is a case that is building in its strength as well as a case which is of course strictly following our procedures to make sure that also here we build up the rule of law."

Vestager said she did not know when she would issue a decision but the case was a very high priority for her.

In the shopping case, Google has been accused of favoring its shopping service over those of rivals in internet search results. It has also been charged with blocking rivals in online search advertising and doing the same with dominant Android mobile operating system.

The Commission has warned the company of hefty fines in both the shopping and Android cases and changes in its business practices if it is eventually found guilty of wrongdoing.

© Reuters. Attendees wait for the program to begin during the presentation of new Google hardware in San Francisco

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.