News & Analysis as of September 23, 2024

European Union › Tax Avoidance

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Will Unshell be washed away? An uncertain future for ATAD 3 - the EU’s tax proposal on shell entities

A&O Shearman on 7/14/2023

The European Commission put forward a proposal in 2021 to tackle shell entities (known as ATAD 3). Despite widespread support for the concept, reaching agreement on the technical details of the Unshell Directive has proved...more

EU List of Non-Cooperative Jurisdictions Expanded

Cadwalader, Wickersham & Taft LLP on 2/28/2023

On 14 February, the EU Council added four jurisdictions (the British Virgin Islands, Costa Rica, Marshall Islands and Russia) to the list of non-cooperative jurisdictions (Annex I) (the “EU Blacklist”)....more

ATAD 3 or the importance of adequate substance

Hogan Lovells on 8/9/2022

At its dawn, the ATAD 3 Proposal and its adverse tax consequences were considered by some as the demise of international investment and holding structures. Others pointed out the uncertainties surrounding key terms related to...more

A New Direction for ATAD III Proposal?

Goodwin on 8/4/2022

Further to the request of the European Parliament for concerted EU action, the European Commission issued on 22 December 2021 a proposal for a Council Directive laying down rules to prevent the misuse of shell entities...more

ATAD 3 (Shell Companies) – Potential Implications for Fund Structures

Dechert LLP on 2/9/2022

A draft EU Council directive, known as ATAD 3, was issued by the European Commission as a proposal at the end of last year. The directive is aimed at countering the misuse of 'shell' entities and could impose adverse tax and...more

EU’s Ambition Beyond BEPS 2.0

Cadwalader, Wickersham & Taft LLP on 6/1/2021

On May 18, 2021, the European Commission (the Commission) of the European Union (the EU) published a communication on “Business Taxation for the 21st Century” (the Communication), setting out a long-term vision to provide a...more

UK Tax Round Up - February 2021

Proskauer Rose LLP on 3/10/2021

UK Case Law Developments - EIS relief not available for shares carrying preferential rights - The Upper Tribunal (UT) in Foojit v HMRC dismissed the taxpayer’s appeal against the First-tier Tribunal’s (FTT’s) decision...more

UK Tax Round Up - November 2020

Proskauer Rose LLP on 12/3/2020

UK COVID-19 Developments - Extension of support for employed and self-employed workers - On 5 November, the UK Chancellor announced the extension of the Coronavirus Job Retention Scheme (or furlough scheme) to the end...more

Cayman Islands removed from the EU blacklist of non-cooperative jurisdictions for tax purposes

Proskauer - Tax Talks on 10/7/2020

The European Council has announced its decision to remove the Cayman Islands from the EU list of non-cooperative jurisdictions for tax purposes. In February we reported on Cayman’s inclusion on the list and our expectation...more

Trump Administration Issues New Retaliatory Measures Against EU – and Threatens More

Holland & Knight LLP on 3/5/2020

There have been several recent developments in trade disputes involving the Trump Administration and the European Union (EU), including an increase by the U.S. Trade Representative in tariffs on new Airbus aircraft and...more

EU committee calls on Commission to set out common blockchain approach

Hogan Lovells on 3/5/2020

An advisory committee to EU institutions has issued an opinion on blockchain and the EU single market, advising the European Commission on potential next steps, including launching a "comprehensive" blockchain initiative,...more

How CCO Reasonable Prevention Procedures Can Help You Mitigate DAC6 Penalties

McDermott Will & Emery on 2/25/2020

Corporate criminal offences (CCOs) under Part 3 Criminal Finances Act 2017 (CFA) are increasingly coming under the spotlight of the UK tax authorities. In a 10 February 2020 press release published in response to a Freedom of...more

Cayman Islands added to the EU blacklist of non-cooperative jurisdictions for tax purposes

Proskauer - Tax Talks on 2/21/2020

On 18 February 2020, the ECOFIN committee of finance ministers of the EU resolved to add the Cayman Islands to the EU blacklist of non-cooperative jurisdictions for tax purposes. Their reasoning was short...more

EU Adds Cayman Islands to Tax 'Blacklist'

Morgan Lewis on 2/18/2020

The European Union has updated its list of non-cooperative tax jurisdictions to include the Cayman Islands. This addition could have certain repercussions for fund managers, sponsors, and investors operating through the...more

Tech Tax – Looking Forward to 2020

Hogan Lovells on 2/6/2020

Following-up from our previous blogs on Tech Tax, we thought it would be useful to take a whirlwind tour of what to expect in tax and transfer pricing related topics in 2020. But for those that are curious, why are such...more

New EU-Wide Tax Anti-Avoidance Law Introduces Sweeping Disclosure Requirements

Katten Muchin Rosenman LLP on 12/12/2019

Key Points - Coming into force on 1 July 2020, EU DAC6 Regulations will require intermediaries in certain cross-border arrangements to disclose activity to tax authorities. - The DAC will apply retroactively to affected...more

UK Tax Round Up - August 2019

Proskauer Rose LLP on 9/3/2019

UK Case Law Developments - Valid notice crucial to tax indemnity claim - The Court of Appeal (CA) decision in Stobart Group Ltd v Stobart and another is a cautionary tale for any purchaser who, following the...more

HMRC’s Implementation of EU Mandatory Tax Disclosure Rules

Dechert LLP on 7/30/2019

HMRC has released a consultation document in respect of its draft regulations implementing the EU mandatory tax disclosure rules that will apply from 1 July 2020 to intermediaries and relevant taxpayers in relation to...more

European Anti-Tax Avoidance Directive Goes into Effect January 1, 2019

Womble Bond Dickinson on 2/13/2019

Background on the Anti-Tax Avoidance Directive - On January 1, 2019, the EU Anti-Tax Avoidance Directive (“ATAD”) went into effect for all 28 Member States. ATAD is the European Commission’s response to the relevant Action...more

Compliance and Liability Provisions for Online Marketplaces With German Business – Far Reaching New German Government Proposal

Orrick, Herrington & Sutcliffe LLP on 9/14/2018

On August 10, 2018, the German government officially filed a new tax bill with the German parliament that is directed against VAT avoidance relating to supplies of goods with a German nexus over electronic ("online")...more

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European Union › Tax Avoidance

Will Unshell be washed away? An uncertain future for ATAD 3 - the EU’s tax proposal on shell entities

EU List of Non-Cooperative Jurisdictions Expanded

ATAD 3 or the importance of adequate substance

A New Direction for ATAD III Proposal?

ATAD 3 (Shell Companies) – Potential Implications for Fund Structures

EU’s Ambition Beyond BEPS 2.0

UK Tax Round Up - February 2021

UK Tax Round Up - November 2020

Cayman Islands removed from the EU blacklist of non-cooperative jurisdictions for tax purposes

Trump Administration Issues New Retaliatory Measures Against EU – and Threatens More

EU committee calls on Commission to set out common blockchain approach

How CCO Reasonable Prevention Procedures Can Help You Mitigate DAC6 Penalties

Cayman Islands added to the EU blacklist of non-cooperative jurisdictions for tax purposes

EU Adds Cayman Islands to Tax 'Blacklist'

Tech Tax – Looking Forward to 2020

New EU-Wide Tax Anti-Avoidance Law Introduces Sweeping Disclosure Requirements

UK Tax Round Up - August 2019

HMRC’s Implementation of EU Mandatory Tax Disclosure Rules

European Anti-Tax Avoidance Directive Goes into Effect January 1, 2019

Compliance and Liability Provisions for Online Marketplaces With German Business – Far Reaching New German Government Proposal

EU Targets Tax Avoidance Reporting Obligations for Intermediaries

Autumn Budget 2017 Predictions

UK Tax Round Up - October 2017

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

Brexit: Key Tax Implications for Alternative Investment Funds and Investment Managers

European Union › Tax Avoidance

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