Tax Updates: February 8th, 2023

Consistent with our commitment to provide updated information on current tax issues, we set down below a brief overview of the Proposed Council Directive laying down rules to prevent the misuse of shell entities in the EU for tax purposes (Unshell Directive or ATAD III).

In this edition (Download PDF , 0.25 MB)

• Aim of the Directive
• Scope of the Directive
• The Seven Steps of the Directive
  • Step One: Identification
  • Step Two: Declaration of minimum substance
  • Step Three: Possibility of exemption from the obligations under this Directive
  • Step Four: Presumption of minimum substance
  • Step Five: Rebuttal of the presumption
  • Step Six: Tax Consequences
  • Step Seven: Exchange of Information
• Penalties and Tax Audits
• Comments