The Council of the EU published its latest report, summarized and referenced herein:
- The US complies with all the EU Member States re: Automatic Exchange of Information (AEOI) due to its double tax treaty network, FATCA, etc.
- Guidance on notional interest deductions who wish to adopt a similar method, as not harmful by the Group (no safe harbor; general criteria)
- Delisting certain non-cooperative jurisdictions
- Monitoring implementation of commitments by jurisdictions
- Identification of new preferential regimes
- Further defensive measures for non-cooperative jurisdictions
- Treatment of partnerships re: substance
- The way forward; future monitoring, etc.
This is important guidance, as it provides transparency into the tax measures adopted, or not adopted, by various jurisdictions. It also provides potential measures to incentivize non-cooperative jurisdictions.