European Council extends the scope of Automatic Exchange of Information, adopts the OECD Common Reporting Standard and plans a repeal of the Savings DirectiveOn 14 October 2014, the European Council of Economic and Financial Affairs (ECOFIN) agreed to an amendment of the text of the Directive on Administrative Cooperation in the Field of Taxation 2011/16/EU (DAC).
The Minister of Finance, M. Pierre Gramegna, has deposited on 15 October 2015 the “Budget of a new generation”. As regards tax measures, next to an increase of VAT and the introduction of a specific contribution of 0.5% for income realized by individuals, this package formalizes the transfer pricing and the tax ruling practice through adequate amendments to the various tax laws. The new measures will take effect as of 1 January 2015.
The European Commission on September 30 released letters it sent to the Irish and Luxembourg governments detailing its reasons for investigating whether EU state aid rules were violated by tax rulings Ireland gave to Apple Operations Europe and Apple Sales International, and Luxembourg gave to Fiat Finance and Trade Ltd. SA.