European Union: Issued Council position on Directive Amending Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation (DAC8)

On 16 May 2023, the Council of the European Union agreed on its position regarding the Directive Amending Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation (DAC8). The primary focus of the amendment lies in enhancing the reporting and automatic exchange of information regarding income generated from transactions involving crypto-assets, as well as providing details on advance tax rulings specifically related to high-net-worth individuals. Furthermore, additional types of assets and income, including crypto-assets, will fall within the scope of the regulations, and a compulsory automatic exchange of information will be established between tax authorities, with the responsibility of providing this information lying with the crypto-asset service providers. The directive will follow the consultation procedure, where the European Parliament can present its views but has no legislative power to make changes. The outcome will be decided by member states in the Council, requiring unanimity.