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Corporate Compliance

European Union: The ‘Unshell’ Proposal

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In brief

Interested parties could, until Wednesday last week (6 April 2022), provide their views to the EU Commission regarding the so-called Unshell proposal or ATAD 3 (“Proposal”). Many will have flagged the uncertainties about certain concepts and the need for more clarifications while others will also have indicated more substantial issues such as possible non-compatibility with EU Law. It remains to be seen whether the EU Commission will take (some of) these comments on board. Meanwhile, international groups should not rest on their laurels because it is likely that the Proposal will be adopted (as is or in an amended form) but rather start screening the European affiliates in their corporate structure, to identify possible issues under ATAD 3 and look for possible remedies.

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GĂ©ry Bombeke heads Baker McKenzie's Tax Practice Group in the Brussels office. He joined Baker McKenzie in 2004, after several years of experience in a Big 4 and related law firm. He became partner in 2010.

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Alain Huyghe is a partner in the Tax Practice Group of the Brussels office. He joined Baker McKenzie in 1986 and became partner in 1994. Alain has been mentioned consistently over the past 25 years as a leading tax lawyer in Belgium in publications such as the International Tax Review, Chambers and The European Legal 500.

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Julie Permeke is a partner in the Tax Practice Group of the Brussels office. She joined Baker McKenzie in 2016 after several years of experience as a tax lawyer in other well reputed Benelux law firms. She also works as a voluntary researcher in the tax department of the Free University of Brussels (VUB). Julie has been listed as a recommended tax lawyer in Legal 500.

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