According to reports in the European media, tax experts at a recently held tax planning strategies conference were uninspired by a new European corporate structure.
The Societas Europaea (SE), set to come into being in October of this year, is likely to have few positive or negative tax implications for European business groups, as the majority of its provisions are already contained within EU or national legislation, a panel of leading tax professionals told delegates.
According to the LMG news service, which reported on the Zurich conference, examining the tax attractiveness of the new structure in the context of recent European Court of Justice decisions, Friedrich Hey, partner with the Frankfurt arm of Debevoise & Plimpton, observed that:
"The SE is a bit like Esperanto. It's a great idea in theory but since it's artificial no one will ever use it."
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