Brussels wasted no time. Just 48 hours after the publication of the OECD’s model rules for the implementation of the agreed minimum 15 per cent corporation tax rate everywhere multinationals operate, the European Commission adopted a draft directive translating them into EU law on Wednesday. While European Commissioner for the Economy Paolo Gentiloni assured there was “no gold plating, no departure from the international agreement” in the proposed legislation, he also put forward a separate proposal aimed at “tightening the screws on shell companies, the letterbox companies used as vehicles for tax avoidance or evasion”. The draft legal texts presented…

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