The U.S. Treasury has released a white paper on the European Commission’s State aid investigations, which according to Treasury threaten to undermine progress made in the area base erosion and profit shifting and could create an unfortunate international tax policy precedent. The main issues and areas addressed in the white paper include: The Commission’s Approach Is New and Departs from Prior EU Case Law and Commission Decisions: The commission’s newly adopted approach collapses the requirements of advantage and selectivity; Under prior decisions an advantage available only to multinationals is not necessarily selective; The Commission Should Not Seek Retroactive Recoveries Under...