New EU Tax Package

On 15 July, the European Commission adopted a new Tax Package for fair and simple taxation. The Tax Package aimed at reinforcing the fight against tax abuse, help tax administrations to keep pace with the evolving economy and ease administrative burdens for citizens and companies. The Commission intends to lead the transition into a more fair, efficient and sustainable taxation while ensuring that European Union ("EU") tax policy supports the EU's economic recovery from the COVID-19 crisis and long-term sustainable growth through sufficient public revenue.

The tax package contains the following three complementary initiatives:

• An Action Plan for fair and simple taxation supporting recovery: the Action Plan sets out 25 actions (as included in its annex ) to be implemented by 2024, with the aim to (i) reduce tax obstacles for businesses in the Single Market and enhance competitiveness and economic growth, and (ii) help Member States enforce existing tax rules and