Amendment of the Directive on Administrative Cooperation (DAC6): EBF position on the EC proposal
EBF advisor: Roger Kaiser
Publication date: 6 July 2018
The EBF supports the Commission’s agenda to enhance tax transparency within the EU with the aim to tackle tax abuse and distortions in the internal market. In this respect, European banks are committed to the implementation of the automatic exchange of financial account information. However, the EBF is concerned by the recent Directive amending the Directive on Administrative Cooperation, referred to as “DAC6”, which imposes mandatory disclosures on tax intermediaries and tax advisers. DAC6 provides for a very broad definition of Intermediaries. The EBF shares Commissioner Moscovici’s view that financial institutions which only provide the service of maintaining a bank account for a customer should not qualify as an intermediary under the DAC6.
We carried out a regulatory mapping exercise of crypto-assets that led to the conclusion that EU legislation would be needed in this area. We welcome the initial work done by central banks on assessing the merits of central bank digital currencies. #WEF20
The @EU_Commission intends to propose 🇪🇺 legislation later this year on a common approach to crypto-assets, including stablecoins. We need to act quickly. Already launched a public consultation on how these rules should look, everybody can contribute. It is open until 19 March‼️
It was a pleasure to share the stage with @blackrock CEO Larry Fink today! We had a great discussion about the role of the financial sector in tackling #inequality and #climate related risks. Watch it here: https://t.co/mHW5yMkLvx
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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