Unshell Directive Proposal: Tax Implications and Critical Issues

This webinar examines the so-called Unshell (or ATAD 3) Directive proposal, presented by the European Commission to fight against the misuse of entities lacking substance for improper tax purposes. The Directive prescribes new reporting obligations upon entities regarded “at risk” on the basis of specific gateways and sanctions the lack of minimum substance by denying tax treaty as well as EU Directive benefits. Given its broad scope, the new compliance burden and the tax consequences, the controversial proposal raises several concerns among tax professionals and policymakers. The webinar discusses these critical issues and provides considerations on specific sectors such as holding activities and investment funds.

Topics Covered

  • Block 1: Scope and identification of the reporting entities
  • Block 2: Reporting obligations and presumption of lack of minimum substance
  • Block 3: Tax consequences
  • Block 4: Critical issues

Learning Objectives

After watching this webinar, you will be able to:

  1. Identify the entities “at risk” falling under the scope of the reporting obligations of the proposed Unshell Directive
  2. Discover the content of the new reporting obligations and the consequences for non-compliance
  3. List the criteria determining the presumption of lack of minimum substance
  4. Evaluate the tax implications of the lack of minimum substance
  5. Appreciate the impact of the proposal on specific sectors such as holding activities and investment funds


  • Jan Neugebauer, Partner, Arendt
  • Hans Pijl, Principal Associate, IBFD Tax Services
  • Francesco de Lillo, Senior Manager European Team, Knowledge Centre, IBFD

Field of study


Who should participate

The webinar is suitable for in-house tax managers and directors, lawyers, advisers, policymakers and government officials, and academics who wish to identify and assess the tax implications and critical issues of the Unshell Directive.

Course level and prerequisites

This is an intermediate-level webinar. Participants in this webinar are expected to be familiar with the key concepts of EU tax law.

Advance preparation

No advance preparation is needed. It is possible to send in questions during the live webinar.

Interactive webinar – “Group Internet Based” (live webinar only)

During live webinars, it is possible to interact with the presenters via a chat message function. Please note that questions are answered based on relevance, order of receipt and available time. Additionally, participants in the live webinar are invited to answer poll questions. Participants will also have access to the on-demand version for a further 12 months from the live date.

Date of live broadcast: 27 Sept 2022

On-demand webinar

On-demand webinars are intended for individual self-study only. Unlike live webinars, they are not open to interactive participation nor do they offer the assistance of a real-time instructor. Access to on-demand webinars is granted for a period of 12 months.

Continuing Professional Education

Many accrediting organizations will grant continuing professional education (CPE) credit(s) for an IBFD audio-visual broadcast. It is advisable, however, that you check with your accrediting body as to whether this applies only to live webinars or to on-demand webinars as well. International Bureau of Fiscal Documentation (IBFD) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of CPE on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. NASBA CPE credit – 1 (only applicable to live webinar).

Webinar registration details

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