On 6 April, PMLJ in Portugal published an article about a proposed EU Directive in December which introduces a set of rules to prevent the improper use of shell companies (companies without economic substance) exclusively intended to obtain tax advantages.  If adopted, the Directive will have to be incorporated into national law by Member States by 30 June 2023 and will enter into force on 1 January 2024.  The article sets out to answer 5 key questions to understand what shell companies are and what the consequences of being considered a shell company are.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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