Taxand Luxembourg looks at the agreement finally reached on BEPS implementation at EU level.
Following 2 ECOFIN meetings on 25 May 2016 and 17 June 2016, the EU Ministers were not able to reach an agreement on any of the compromise texts of th Anti-Tax-Avoidance Directive (ATAD) proposal presented by the Dutch Presidency.
However, in a final Cinderella-like flourish, on the stroke of midnight on 20 June, the amended proposal produced over the weekend was transformed, deemed to have recieved political agreement.
Following a few procedure steps, the directive should be adopted by the EU Council shortly.
While the implementation date is two and a half years away, businesses should start reviewing potential impacts now.