Strengthening existing rules and expanding exchange of information framework in the field of taxation (DAC8)

In response to the public feedback requested by the EU Commission in relation to its Tax fraud & evasion strengthening rules on administrative cooperation and expanding the exchange of information initiative, the Tax Justice Network makes a number of recommendations to improve the recently proposed crypto reporting rules under the directive on administrative cooperation DAC8 Proposal.

The Association of the Luxembourg Fund Industry (ALFI) supports the need to improve the existing framework for exchange of information and administrative cooperation in the European Union in relation to crypto-assets.

The European Banking Federation (EBF) is in favour of a level playing field for all types of assets and financial service providers, including Crypto-Assets, however this should not unproportionally increase the compliance burden on financial institutions (FIs).

The Deutscher Steuerberaterverband e.V. has doubts as to the legality of minimum EU penalties for certain infringements of the obligation to notify under DAC 6. The level of penalties in the proposal is also set at such a level that they are no longer minimum penalties but also maximum penalties. Intermediaries must be excluded from the scope of such sanctions.

Filed in German · English published by the European Commission

The French Banking Federation (FBF), as the voice of the French banking sector representing the interests of over 300 banks operating in France, encompassing large and small, wholesale and retail, local and cross-border financial institutions, welcomes the opportunity to provide comments on the European public consultation on the proposal for a council directive amending directive 2011/16/eu on administrative…

The Digital Currencies Governance Group (DCGG) and its members welcome the European Commissions efforts and objective to amend the Directive for Administrative Cooperation (henceforth, DAC8) to enhance the current tax system to create a more fair and transparent framework for EU member states, and facilitate compliance.

We are pleased to respond on behalf of the Deloitte firms in the European Union to the European Commission Public Consultation on the proposal published by the European Commission on 8 December 2022 for a Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation (the DAC8 Proposal) and welcome the opportunity for debate on this topic.

The Association for Financial Markets in Europe (AFME) welcomes the opportunity to respond to the EU proposal to amend the Directive on administrative cooperation in the field of taxation (DAC) to include crypto assets and amend the Common Reporting Standard (CRS) to include electronic money products and central bank digital currencies (the Proposal).

Blockchain for Europe (BC4EU), the Brussels-based trade association representing the blockchain and crypto sector at EU level, is pleased to have the opportuinity to submit its feedback to the European Commission's DAC8 proposal.

This position paper is the result of a series of meetings and discussions with (tax) experts and CASPs, including some of the most relevant exchanges operating in the EU. We have therefore taken the liberty, or consider it appropriate, to call it an 'Industry Position Paper'.

DAC8: Industry Position Paper The following are our preliminary comments regarding the European Commissions proposal for the 8th amendment to the Directive of Administrative Cooperation (DAC8). We would be delighted to further elaborate on the various aspects of the proposal, as appropriate.

The Crypto Council for Innovation (CCI) wishes to submit a comment letter in response to the European Commissions Proposal for a Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC8). The Crypto Council for Innovation is an alliance of crypto industry leaders with a mission to communicate the benefits of crypto and demonstrate its transformational promise.

On 8 December 2022, the European Commission adopted its proposal amending the EU Directive on administrative cooperation in the field of taxation, also known as DAC8. This proposal has been highly expected by the industry and is a positive step forward to improve tax transparency and minimize the risks of under-reporting of taxable income.

The Markets in Crypto-Assets (MiCA) and Transfer of Funds (TFR) regulations both passed trilogue proceedings in 2022 as part of an essential first step in allowing cryptocurrencies to operate in Europe with greater legal certainty particularly concerning consumer protection and a clearer Anti-Money Laundering (AML) framework.

Tax fraud and evasion, as well as corruption and money laundering, are assuming more and more the traits of an international, well-organized crime. Examples are infinite and unfortunately, it is a spreading disease. Unless the answer is well-concerted, based on cooperation and information exchange among countries and law enforcement agencies, including banks, the battle is lost.

Please see attached for full note KPMG member firms in the EU (“we”) are pleased to provide comments on the European Commission’s (EC’s) recent Inception Impact Assessment (Ref. Ares(2020)7030524 - 23/11/2020) initiated to explore the possibility of amendment of the Council Directive 2011/16/EU.

The Deutsche Steuerberaterverband e.V. (DStV) — the Federation of Tax Consulting and Economic Auditing Professions — represents around 36.500 nationwide, i.e. more than 60 % of professionals working independently in its own law, a large number of whom are also accountants or certified accountants.

Filed in German · English published by the European Commission

The European Banking Federation (EBF) believes that the Regulation on Markets in Crypto-assets (“MICA”) definitional framework should be used as the starting point for the extension of DAC 2 to crypto-assets. It should be mapped to the DAC 2 definitional framework. Using a uniform definitional framework will be a key factor in a successful application of DAC 2 reporting on crypto-assets.

Cryptocurrencies, digital assets and blockchain technology have matured over the last few years and are here to stay. Thanks to Europe's large and excellent digital infrastructure and abundance of expertise and customer potential, many businesses have been founded in the EU, providing thousands of jobs to EU citizens.

EPIF welcomes the public consultation on the European Commission’s Inception Impact Assessment pertaining to a proposal for a Council Directive amending Directive 2011/16/EU as regards measures to strengthen existing rules and expand the exchange of information framework in the field of taxation to include crypto-assets and e-money.

• There is need for stronger financial norms and rules to protect the public interest, with regard to corporate taxation, concessions, public procurements, privatizations, loans & financial balances that currently often privatize profits while socializing the losses. Building sound financial normative frameworks based on social commitments will contribute to increasing public budgets.

As EAPN Netherlands, we consider the prevention of tax fraud and tax avoidance to be very important. We therefore welcome the establishment of a special committee by the European Parliament. In addition to putting an end to various, often national, loopholes that allow circumvention, we see two important steps that need to be taken, in addition to this new regulation, which we welcome: 1.

Filed in Dutch · English published by the European Commission

Currently, organisations and companies comply with various tax provisions, today a large part of the transactions are electronic and are reported to the tax authorities immediately. The cross-checking of tax information between the parties involved in any commercial or financial transaction avoids the possibility of tax evasion.

Filed in Spanish · English published by the European Commission

Attached you can find the feedback that Confcommercio - Imprese per l'Italia, the Italian General Confederation of Enterprises, Professions and Self-Employment as well as the largest employer organization in Italy, has provided on the Commission's PROPOSAL FOR A DIRECTIVE on the Tax fraud and evasion – better cooperation between national tax authorities on exchanging information Road Map - Inception impact…

The collaborative economy has in recent years seen a surge in services and users in the European Single Market, who collectively help share commodities and utilise resources more efficiently. Progressive change in behaviour and business models creates a need for these to find common ground with the entities and systems they are regulated by, whilst not limiting the positive development and effects.

On behalf of the Union of Finance Personnel in Europe (UFE), which is the only organization representing the interests and views of 400.000 tax and custom officers throughout Europe, I would like to give feedback as following: Digital platform economy In our daily work, we see a lot of fraud in the digital economy. We calculate the loss in tax revenue to be around 15 billion € in Europe.