From left to right: Mr Dimiter TZANTCHEV, Permanent Representative of Bulgaria to the EU; Mr Vladislav GORANOV, Bulgarian Minister for Finance; Mr Carsten PILLATH, Director General for Economic Affairs and Competitiveness.
Photo: European Union
On 13 March 2018, the Council reached agreement on a proposal aimed at boosting transparency in order to tackle aggressive cross-border tax planning.
The draft directive is the latest of a number of measures designed to prevent corporate tax avoidance.
It will require intermediaries such as tax advisors, accountants and lawyers that design and/or promote tax planning schemes to report schemes that are considered potentially aggressive.
The member states will be required to automatically exchange the information they receive through a centralised database. This will enable new risks of tax avoidance to be determined earlier and measures to be taken to block harmful arrangements.
Member states will be obliged to impose penalties on intermediaries that do not comply with the transparency measures.
"Enhancing transparency is key to our strategy to combat tax avoidance and tax evasion. If the authorities receive information about aggressive tax planning schemes before they are implemented, they will be able to close down loopholes before revenue is lost."
Vladislav Goranov, minister for finance of Bulgaria
Read the full press release here.
Visit the meeting the page on the website of the Council of the European Union.