|Author (Corporate)||Council of the European Union|
|Series Title||Official Journal of the European Union|
|Content Type||Blog & Commentary, Legislation, News, Policy-making|
Directive (EU) 2023/2226 - adopted by the Council of the European Union of 17 October 2023 - introducing amendments to Directive 2011/16/EC to include reporting requirements on crypto-assets, e-money and central bank digital currencies. The document is also known as the draft DAC8 / DAC 8.
Directive 2011/16/EU - also known as Directive on Administrative Cooperation (DAC) - lays down the rules and procedures that national authorities in Member States of the European Union (EU) must apply when exchanging information on tax matters. The emergence of alternative means of payment and investment, such as crypto-assets and e-money, has been seen as posing substantial risks for tax evasion. This context led the European Commission to announce in its Action Plan for fair and simple taxation supporting economic recovery in the EU the intention to update this legislative framework. The Council of the European Union adopted conclusions in support of this plan in November 2020, and the European Parliament adopted a related Resolution in March 2022.
This Directive seeks to improve Member States' ability to detect and counter tax fraud, tax evasion and tax avoidance, by requiring all crypto-asset providers based in the EU – irrespective of their size – to report transactions of clients residing in the EU. It also extends the scope to include reporting obligations of financial institutions regarding e-money and central bank digital currencies and the automatic exchange of information on advance cross-border rulings used by natural persons.
The draft law was adopted by the European Commission on 8 December 2022. The Council of the European Union reached an agreement on a position for this file on 16 May 2023. Under the consultation procedure, the European Parliament adopted its Opinion on 13 September. The Council adopted the final text of the Directive on 17 October 2023. The Act was signed on that same day and published in the Official Journal on 24 October 2023.
|Subject Tags||Fiscal Regimes, Tax Systems|
|Keywords||Cryptoassets | Cryptocurrencies, Tax Avoidance | Fraud | Evasion
|International Organisations||European Union [EU]|