The draft anti-tax avoidance directive was discussed at the Economic and Financial Affairs Council (ECOFIN) meeting which took place recently. However, following lengthy discussions, the Council decided to postpone agreement on the proposed directive until the next meeting in late June 2016.

The Council did progress two other aspects of the Commission’s January 2016 package of proposals against corporate tax avoidance. Further to an agreement reached in March 2016, it adopted a directive on the reporting by multinational companies of tax-related information and exchange of that information between member states. This directive transposes the OECD’s recommendation on country-by-country reporting by multinationals into a legally binding EU instrument. It covers companies with total consolidated group revenue of at least €750 million.

The Council also adopted conclusions on the third country aspects of the Commission’s proposals which include the establishment of an EU list of non-cooperative jurisdictions, on which work will start in September 2016.

Further details are set out in the press release issued by the Council.