On 13 March 2018, EU finance ministers reached political agreement on the tax intermediaries directive proposed by the European Commission on 21 June 2017 that would require mandatory reporting by tax intermediaries and the automatic exchange of information by the tax authorities of member states for certain cross-border arrangements in relation to individuals, companies and other entities.
The directive, which takes the form of an amendment to the Directive for Administrative Cooperation (DAC), is part of the efforts to tackle tax abuse and ensure fairer taxation in the EU, and broadly reflects the elements of action 12 of the BEPS project on the mandatory disclosure of potentially aggressive tax planning arrangements. The directive will be formally adopted during the next EU council meeting on 25 May 2018, and once adopted generally will apply as from 1 July 2020, with limited retroactive effect.
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