On 17 January 2023, the European Parliament adopted a legislative resolution approving the European Commission's proposal for a Council directive laying down rules to prevent the misuse of shell entities for tax purposes. The proposal was first announced in December 2021 and is meant to ensure that shell companies with no or minimal economic activity will be unable to benefit from any tax advantages. As summarized by the Parliament, the proposal introduces a 'filtering' system for EU company entities, which will have to pass a series of gateways, relating to income, staff and premises, to ensure there is sufficient 'substance'...