Threshold for the ATAD CFC Provision Substance Carve-Out to Apply: Significant, Substantive, Genuine or Real Economic Activities?

In this note, the author analyses the threshold for the ATAD CFC provision substance carve-out to apply, considering the fundamental freedoms of the Treaty on the Functioning of the European Union. The analysis considers different language versions of the ATAD and of the relevant case law of the Court of Justice of the European Union. The author concludes that real or genuine economic activities are sufficient for the substance carve-out to apply even if they were not significant.