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The Council of the EU adopted, on 17 October 2023, a Directive amending the EU rules on administrative cooperation in the area of taxation (DAC8). The amendments primarily pertain to the reporting and automatic exchange of information on certain revenues from crypto asset transactions and the provision of advance tax rulings for the wealthiest (high net worth) individuals. The Directive aims to strengthen the existing legislative framework by broadening the scope for registration and reporting obligations and improving overall administrative cooperation between tax administrations.

The Directive was adopted by Member States in the Council, by unanimity. The Directive was subsequently published in the Official Journal on 24 October. It will enter into force on 13 November 2023 (being the twentieth day following that of its publication). Member States will have until 31 December 2025 to transpose the new rules into national law with first application for most provisions from 1 January 2026.