The European Commission will unveil on Wednesday 22 December a proposal for a directive to tackle, from 2024, the issue of shell companies used for tax evasion, a legislative initiative presented by EU Taxation Commissioner Paolo Gentiloni in response to the recent Pandora Papers scandal(see EUROPE B12806A14).
While “important progress” has been made in recent years through the ‘ATAD’ (2016/1164) and ‘DAC’ (2011/16/EU) Directives, “legal entities with no minimal substance and...