Belgium ordered to recoup €700m from major corporations

The nation have allowed some of the large businesses to use certain tax escapes

Belgium has been ordered to recoup around €700,000,000 in taxes from major corporations - after EU authorities ruled its tax system was an unfair source of state aid.

The European Commission has ruled against the system, which allowed multinationals to write off some of their profits as "excess profit", therefore allowing them to escape the tax net.

The system had been heavily promoted by the tax authorities, under the headline 'Only in Belgium'.

Around 35 multinational firms will be affected - though it's not known how many of them are based in Ireland.