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【Cross-Border Tax】EUROPE: EC announces common business taxation strategy

The European Commission (EC) has announced plans to introduce extra monitoring and reporting requirements for 'shell companies' to combat tax avoidance, in the third revision of its Anti-Tax Avoidance Directive (ATAD) to be published by the end of 2021. The proposal is part of a new long-term business taxation strategy that will include a directive for common corporate tax rules across the EU by 2023; requirements for certain large companies operating in the EU to publish their effective tax rates; equivalent tax treatment of debt and equity financing; and allowing businesses in all Member States to carry up to EUR3 million of domestic losses back to the previous fiscal year...

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