17/05/2023 17:00 | Article Ecofin adopts stricter rules to prevent tax fraud in the field of crypto-assets The Economic and Financial Affairs Council (Ecofin) has agreed its position on amending the Directive on Administrative Cooperation in the field of taxation (DAC8). The amendments include strengthening information exchange between tax authorities to make it more difficult for private individuals and businesses to circumvent tax regulations using crypto-assets. This decision was taken at the Ecofin meeting in Brussels on 16 May. Ecofin adopts stricter rules to prevent tax fraud in the field of crypto-assets Article 17 May 202317:00 Ecofin adopts stricter rules to prevent tax fraud in the field of crypto-assets Elisabeth Svantesson, Swedish Minister for Finance© Josefine Stenersen/Government offices The Economic and Financial Affairs Council (Ecofin) has agreed its position on amending the Directive on Administrative Cooperation in the field of taxation (DAC8). The amendments include strengthening information exchange between tax authorities to make it more difficult for private individuals and businesses to circumvent tax regulations using crypto-assets. This decision was taken at the Ecofin meeting in Brussels on 16 May. Today we are strengthening the rules for administrative cooperation and closing loopholes that have previously been used to avoid taxation of income. This was one of the Swedish Presidency’s most prioritised issues to pursue in the first half of the year.Elisabeth SvantessonMinister for Finance The amendments to the Directive include introducing new requirements for tax authorities in the EU to gather information on trade and transactions with crypto-assets, and automatically share this information with other tax authorities in the EU. “This reduces the risk of crypto-assets being used as a safe haven for tax avoidance and tax fraud,” says Ms Svantesson. The proposal also means that information on certain wealthy individuals’ advance tax rulings will be included in the automatic information exchange in the field of taxation. The aim is to make it easier to detect particularly aggressive tax-planning practices. The amendments to the Directive are part of the EU’s consultation procedure. This means that the European Parliament can present its position, but it does not have the legislative power to amend the proposal. The final outcome of this legislative process is decided by Member States in the Council, by unanimity. More information on the meeting of the Economic and Financial Affairs Council on 16 May Economic and Financial Affairs Council - Council website Economic and Financial Affairs Council - Sweden2023.EU