EU Launches Public Consultation on Tax Data-Sharing Law

The European Commission on Tuesday launched a public consultation on an upcoming bill meant to simplify the way companies and EU countries report and share tax information.

Tax professionals, companies, academics and others are expected to detail “the compliance costs associated with some existing reporting obligations” and “the potential savings stemming from some of the policy options” simplifying the EU’s current tax information-sharing law, according to the consultation.

The law, known as the Directive on Administrative Cooperation, or DAC, has been revised eight times since 2015 to expand the scope of information shared, which now includes crypto assets and ...