Practitioners to be forced to report ‘aggressive’ cross-border tax planning
The EU Council of Finance Ministers has approved a draft Directive requiring tax advisors, accountants and lawyers to report corporate cross-border tax planning schemes that bear ‘hallmarks’ suggesting they may be considered aggressive. The reports will be automatically shared among Member States, which have until 31 December 2019 to transpose the Directive into national laws and regulations. The first automatic exchange of information will be completed by 31 October 2020.