“On 6 October 2015, the Council reached a political agreement on a directive aimed at improving transparency in the assurances given by member states to companies about how their taxes are calculated.
The directive is one of a number of initiatives aimed at preventing corporate tax avoidance.
It will require member states to exchange information automatically on advance cross–border tax rulings, as well as advance pricing arrangements. Member states receiving the information will be able to request further information where appropriate. And the Commission will be able to develop a secure central directory, where the information exchanged would be stored. The directory will be accessible to all member states and, to the extent that it is required for monitoring the correct implementation of the directive, to the Commission.
The new rules will have to be applied from 1 January 2017. In the meantime, existing obligations to exchange information between member states will stay in place. “
See the complete communiqué here.
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- Posted by Robert Robillard
- On 9 October 2015
- 0 Comments
- Automatic Exchange Information, Base Erosion and Profit Shifting (BEPS), BEPS, EU Tax Transparency Package, Tax Transparency