Ireland South MEP says EU needs to define what a shell company is

The EU needs to identify and define what a shell company is, according to an Ireland South MEP.

Fianna Fáil MEP, Billy Kelleher, who represents Kerry, was speaking after the European parliament voted through rules to prevent the misuse of shell entities for tax purposes.

At the consultation stage, the Irish investment fund industry complained new EU rules “could have a substantial and widespread adverse impact on investors in regulated entities”.

MEP Kelleher says it is about striking the right balance.