EU details crackdown on shell companies

  • 📰 GuardianNigeria
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 94%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: TODAY - 🏆 12. / 53 Read more »

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.
Source: TODAY - 🏆 12. / 53 Read more »