On 3 June 2016, Council Directive (EU) 2016/881 was published in the Official Journal of the European Union. The Directive amends the administrative cooperation Directive (Directive 2011/16/EU) so that EU Member States are required to exchange Country-by-Country (CbC) reports for fiscal years beginning on or after 1 January 2016, without the need for any additional tax information exchange agreement or competent authority agreement between the exchanging Member States. The Directive was adopted on 25 May 2016 (previous coverage), and EU Member States have until 4 June 2017 to adopt and publish the domestic laws, regulations and administrative provisions necessary to comply with both the automatic exchange and minimum CbC reporting requirements set out in the Directive.
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