New “Economic Substance” legislation to have significant effect on TCI entities
What’s this all about? The European Union (“EU”) has long been concerned at loss of tax revenue to its member states through the use of companies and other entities in low or zero-tax jurisdictions that occurs by enabling profits to be shifted to the low tax jurisdiction, from the EU member state in which they were generated. As a result of this, the EU believes that its member states are losing very significant tax revenue. …
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