On 13 March 2018, the EU Economic and Financial Affairs
Ministers adopted the European Commission's proposal of June
2017, amending Directive 2011/16/EU. The amendments are in regards
to mandatory automatic exchange of information in the field of
taxation in relation to reportable cross-border arrangements in
order to disclose aggressive tax planning arrangements. The aim of
the Directive is to enhance tax transparency and combat aggressive
tax planning.
Intermediaries or taxpayers will have an obligation to report
details of their arrangements if any one of the hallmarks detailed
in the Directive are triggered. Member States will need to
transpose the Directive into their national legislation by 31st
December 2019, while the first reporting is expected in 2020.
Penalties for non-compliance will exist. Below we analyse details
of the Directive.
