ARTICLE · 14 SEPTEMBER 2023

Tax Update - June 2023

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On 16 May 2023, the EU Council reached political agreement on a compromise text for the DAC8 directive. DAC8 amends the directive on administrative cooperation in the area of taxation...

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DAC 8 Approval by the EU Council

On 16 May 2023, the EU Council reached political agreement on a compromise text for the DAC8 directive. DAC8 amends the directive on administrative cooperation in the area of taxation and will introduce reporting and automatic exchange of information requirements in respect of, amongst other things, a broad range of crypto-assets. As such, from 2026 there will be a mandatory automatic exchange between tax authorities of the information provided by reporting crypto-asset service providers.

It is expected that DAC8 will be formally adopted, after the parliamentary consultation process is completed. Following the Council's formal adoption of DAC8, Member States will have until 31 December 2025 to transpose the main rules into national law; the provisions will apply as of 1 January 2026 with some exceptions.

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