During a recent Economic and Financial Affairs Council meeting, the EU Council adopted the Council Directive, called “DAC8”, which amends Directive 2011/16/EU on administrative cooperation in the field of taxation.
DAC8 notably introduces new reporting obligations for crypto-asset service providers, automatic exchange of information on advance cross-border rulings for individuals. It also extends the list of income subject to mandatory automatic exchange between Member States and amends DAC6 which relates to reportable cross-border arrangements.
The EU Council has also updated the EU list of non-cooperative jurisdictions for tax purposes. This update is a significant development as it directly impacts the scope of application of three different Luxembourg tax measures.
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