Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

January 27, 2022

Tuesday, 8 February 2022 | International tax talk quarterly series…With the EY Global Tax Desk Network (1 pm ET)

Potential impact of the EU UNSHELL/ATAD 3 initiative on your business and the international tax landscape

The European Commission recently published a legislative proposal for a directive to tackle the misuse of shell entities in the European Union (UNSHELL/ATAD 3). The proposal would introduce an EU-wide “substance test,” including a reporting obligation for certain taxpayers, along with relevant tax consequences, such as the denial of treaty benefits and onerous penalties for noncompliance.

This webcast will address how implementation of these new requirements could affect businesses. At a high level, the webcast will also consider the impact these provisions are likely to have in other regions with respect to similar anti-abuse rules and reporting requirements, as well as these countries’ responses to increased tax transparency in recent years.

We will focus on the impact these new developments could have for multinational enterprises (MNEs) with operations in and outside the EU, particularly in the Asia Pacific, Latin America and Caribbean regions.

Date: Tuesday, 8 February 2022

Time: 1:00–2:15 p.m. ET New York; 10:00–11:15 a.m. PT Los Angeles

Registration: Register for this event.


  • Jose Antonio Bustos, BEPS Desk Leader, International Tax and Transaction Services, Ernst & Young LLP

  • Lucas Moreno, Latin America Business Center Leader, International Tax and Transaction Services, Ernst & Young LLP

  • Gagan Malik, Asia-Pacific Business Group, International Tax and Transaction Services, Ernst & Young LLP

  • Terrence Melendez, Managing Director, Caribbean Tax Desk, International Tax and Transaction Services, Ernst & Young LLP

  • Macarena Lopez Tello, Manager, BEPS Desk, International Tax and Transaction Services, Ernst & Young LLP

CPE credit offered: 1.4. Recommended field of study: Taxes. Learning objectives: Recognize the main elements of the European Commission’s proposed UNSHELL/ATAD 3 substance test; identify ways the new substance requirements could affect MNEs if implemented; identify how other regions are responding to similar issues. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling and length of participation. See CPE FAQ for more information.

Learn about and register for EY global webcasts

You can learn about and register for any EY Global webcast here.


The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more