During its meeting of May 25, 2018 the Economic and Financial Affairs (ECOFIN) Council adopted a COUNCIL DIRECTIVE amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements.

The directive targets intermediaries such as tax advisors, accountants and lawyers that design and/or promote tax planning schemes. It will require them to report schemes that are potentially aggressive.

The information received will be automatically exchanged through a centralised database. Penalties will be imposed on intermediaries that do not comply. Member States will have until 31 December 2019 to transpose it into national laws and regulations.

Click here to be forwarded to a Draft of the COUNCIL DIRECTIVE amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements that was adopted by the ECOFIN Council during its meeting of May 25, 2018.

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