The European Commission welcomed the political agreement reached by EU Member States achieved on 13th March 2018 on new transparency rules for intermediaries – such as tax advisers, accountants, banks and lawyers – who design and promote tax planning schemes for their clients.
The decision was taken by EU Economic and Financial Affairs ministers at their meeting in Brussels. First proposed by the Commission in June 2017, the new measures build on a multitude of ambitious rules to fight tax avoidance and to boost tax transparency already agreed at EU level under the Juncker Commission.
Once in force, tax intermediaries who provide their clients with complex cross‑border financial schemes that could help avoid tax will be obliged to report these structures to their tax authorities. In turn, EU Member States will exchange this information with each other, further increasing scrutiny around the activities of tax planners and advisers.
The new reporting requirements will enter into force on 1 July 2020, with EU Member States obliged to exchange information every 3 months after that. The first exchange will take place by 31st October 2020.
A factsheet is available HERE