The ATAD3 Directive: the crackdown on EU ‘Shell entities’ – WTS Global Newsflash #27
On 22 December the European Commission published a proposal for a Directive to prevent the misuse of shell entities in cross-border situations. The proposal introduces reporting obligations, provides for the taxation of income in the hands of the shareholders and the denial of tax treaty and EU directives benefits.
This “ATAD 3” Directive once adopted, should be transposed by Member States into domestic law within 30 June 2023, with effect from 1 January 2024.
Read WTS Global newsflash here.