Author (Corporate) | Council of the European Union |
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Series Title | Official Journal of the European Union |
Series Details | L139, 5.6.2018 |
Publication Date | 05/06/2018 |
Content Type | Legislation |
Summary: The European Commission adopted on 21 June 2017 a proposal increasing scrutiny around the activities of tax intermediaries. The proposal was submitted to the European Parliament and the EESC for consultation. The Council of the European Union formally adopted the proposed draft law on 25 May 2018, after a political agreement in March 2018. Further information: The draft law takes the form of an amendment to the Directive for Administration Cooperation (DAC). It proposes an automatic exchange of information on tax planning scheme through a centralised database, giving member states early warning on new risks of avoidance and enabling them to take measures to block harmful arrangements. The proposal was released in the context of media leaks such as the Panana Papers and the Paradise Papers, exposing how some intermediaries actively assist companies and individuals to escape taxation, usually through complex cross-border schemes. It aims to reinforce the European Union's tax transparency framework, by shedding new light on the activities of intermediaries and the tax planning arrangements being used. It also ensured a new approach to implementing the recommended mandatory disclosure provisions in the OECD's Base Erosion and Profit Shifting (BEPS) project, as endorsed by the G20. |
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Source Link | https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2018.139.01.0001.01.ENG |
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Subject Categories | Taxation |
Countries / Regions | Europe |
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