M&S case opens way to other tax claims

THE Irish exchequer could find itself paying out millions of euro for loss-making subsidiaries to companies registered in the country based elsewhere in the EU.

This is following a landmark ruling yesterday by the European Court of Justice.

But governments generally were relieved with the outcome as they feared the Marks & Spencer decision could cost them billions of euro. The Department of Finance was still studying the ruling to assess what its likely liability will be and will also study if it needs to change company tax rules in the future.