Yesterday, the European Commission released a Directive proposal (the so-called “unshell proposal”) which aims to fight against the misuse of shell entities for tax purposes and ensure that EU entities with no or minimal economic activity are unable to benefit from certain tax advantages.
As we drafted this ATOZ Alert, as a Christmas gift to our clients and friends, we were conscious that on re-reading it, it was, to say the least, obscure. And that is a seasonal understatement. However in the interest of time, we thought we would send it out to you in its complete but somewhat impenetrable form and we will work diligently over the Christmas to distil it into something that’s a little bit more understandable. Bear with us and keep an eye out for the next installment in the new year!