The European Council must now formally and unanimously approve the agreement
As reported in our Tax News of 9 June, Member State representatives on Coreper (the Permanent Representatives Committee) reached political agreement on an optional six-month deferral of reporting deadlines under the EU Mandatory Disclosure Rules (“DAC6”).
It should now be noted that, in a plenary session held last Friday, 19 June, the European Parliament voted in favor of the optional six-month deferral proposal agreed at the Coreper meeting.
After obtaining the favorable opinion of the European Parliament, the European Council – which it is expected to meet still in June – must formally and unanimously approve the agreement reached at the beginning of the month, in order for the agreement to take effect.
Once the final approval has been obtained by the European Council, it will be up to each of the Member States to exercise the option of deferring the reporting deadlines provided for in the DAC6 Directive.
At the beginning of June, Belgium and Luxembourg had already announced their intention to opt for a six-month deferral. More recently, Ireland has also made public its intention to opt for the deferral through an official communication published on the Irish Revenue website, without specifying, however, the period of the deferral.
In the opposite direction, Finland announced at the end of last week that it will not opt for the deferral, maintaining the reporting deadlines initially provided for in the Directive.
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