Starbucks and Fiat Stung as EU Demands Tax Break Paybacks

Starbucks (SBUX) and Fiat will have to repay around $34 million worth of back taxes following a ruling by the European Union on Wednesday. The move signals a broad change in multinational tax breaks as EU lawmakers work to tighten the loop holes that allow major companies to get away with paying minimal tax. The latest ruling could force hundreds of companies to revise their tax setups in EU states. Amazon (AMZN) and Apple (AAPL) are already under scrutiny according to the latest reports. Starbucks has announced that it plans to appeal the ruling, which would require the coffee chain to pay millions of dollars worth of back taxes to the Dutch government.