European Finance Ministers met on 16 May as part of the monthly European Council ECOFIN meetings, and agreed to proposed changes to the Directive on Administrative Cooperation in the area of taxation. The changes to the Directive (DAC8) shall, in principle and with minor exceptions, be implemented in EU Member States’ legislation
by 31 December 2025 and apply from 1 January 2026. While a reporting regime for crypto assets is a core component, the Directive also includes measures strengthening and broadening DACs 1-7, although proposals to provide for minimum penalties have not been agreed. Once the European Parliament presents its opinion on the proposal following final legal checks, the Directive can be formally adopted.
International Tax and Treasury