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EC adopts cross-border reporting rules for intermediaries.
The European Council has adopted rules aimed at increasing transparency to prevent aggressive cross-border tax planning.
Directive 2011/16/EU targets intermediaries such as tax advisers, accountants and lawyers who design or promote tax planning schemes. It will require them to report schemes that are potentially aggressive. The information will be automatically exchanged through a centralised database. Penalties will be imposed on intermediaries who do not comply.
The directive was adopted at a meeting of the Economic and Financial Affairs Council, without discussion on 25 May 2018.
Member states have until 31 December 2019 to transpose it into national laws and regulations.
