ECOFIN reaches agreement on Anti-Tax Avoidance

On 21 June 2016, the Economic and Financial Affairs Council of the European Union (ECOFIN or the Council) reached final political agreement on the Anti-Tax-Avoidance Directive (ATAD).

At the ECOFIN meeting held on 17 June 2016 a final compromise text was put forward. Following the discussions, the President of the Council noted that almost all Member States could agree to it. The Presidency therefore announced a silence procedure giving Member States time to raise any objections they may have until 20 June 2016, midnight. Since no objections were raised by that deadline, a unanimous agreement has been reached on the ATAD (formally titled Council Directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market).