EU details crackdown on shell companies

📆 2021-12-23 01:29:00
📰 GuardianNigeria

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The European Commission Wednesday outlined planned tougher rules on shell companies alongside details of its implementation of an international agreement to impose a minimum 15-percent tax on big multinationals.

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo

The plan needs final approval from the European Parliament and all 27 EU member states before coming into force with a target date of the start of 2024. If all those boxes are ticked, the firm would be considered a shell company subject to new tax reporting obligations and unable to benefit from tax breaks.

Those characteristics include indications that a company gets more than three-quarters of its global revenue elsewhere than from its business activity, or if more than three-quarters of its assets are in expensive property or high-value dividends.

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EU details crackdown on shell companiesThe European Commission Wednesday outlined planned tougher rules on shell companies alongside details of its implementation of an international agreement to impose a minimum 15-per cent tax on big multinationals.
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