By Giulia Petroni

French utility Engie SA on Wednesday lost its appeal against an EU order to pay back around 120 million euros ($145.8 million) of unpaid taxes to Luxembourg for having allegedly profited from illegal tax benefits in the country between 2008 and 2014.

In 2018, the European Commission found that two sets of tax rulings issued by Luxembourg authorities artificially lowered Engie's tax burden for about a decade. These rulings allowed the company to avoid paying any taxes on 99% of the profits generated by Engie LNG Supply and Engie Treasury Management in Luxembourg, according to the European Union's executive arm.

Engie is considering the possibility of appealing the court's decision, a spokesperson told Dow Jones Newswires on Wednesday.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 12, 2021 08:09 ET (12:09 GMT)

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