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.

Panelists

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.

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