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EU agreement on automatic exchange of information

printer Mail

Following the publication of the OECD’s BEPS reports, EU finance ministers have reached agreement on Tuesday 6 October on a Directive requiring member states automatically to exchange information on their corporate tax rulings. Member states will have until the end of 2016 to transpose the new rules into national law, and the Directive will come into effect on 1 January 2017.

Following the announcement of the agreement, European Commission president Jean-Claude Juncker ‘warmly welcomed [the] agreement as a major step forward’, while Pierre Moscovici, EC commissioner for economic and financial affairs, taxation and customs, said: ‘This is a major step in combating aggressive tax planning, creating greater transparency in corporate taxation and in providing fairer competition for both businesses and consumers. I see this agreement as an important signal that EU member states are ready to deliver on our common goal of fair and effective taxation. The EU will continue to work to implement these transparency rules worldwide.’