A 2002 tax ruling and its consequences for a Belgian company illustrate that fiscal engineering, however well planned, can turn against a company.

In a criticized judgment that made Belgium less attractive to potential investors and clients, the Ghent Court of First Instance on 14 November 2002 confirmed a tax claim of €58.1 million against Artwork Systems Group.

Artwork Systems NV is a relatively young but performing company that specializes in prepress software. Set up in 1992, it got a listing on NASDAQ Europe (then Easdaq). In 1997 the company announced that it had sold 2,000 licenses worldwide for its ArtPro software, and in 1998 Time Inc. invested in its ArtPro Repro software for editors of newspapers and magazines. (More …)

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