On 8 March 2016, the EU's Economic and Financial Affairs Council (ECOFIN) announced that it has agreed on the draft directive that would require the exchange of Country-by-Country (CbC) reports between EU Member States. The draft directive was issued as part of a package of anti-avoidance measures based on the outcome of the OECD BEPS Project in January ({News-2016-01-29/P/2- previous coverage}) and would amend the EU Directive on Administrative Cooperation in the Field of Taxation (Directive 2011/16/EU) for the purpose of the exchange. The CbC exchange directive is pending consultation of the EU and UK parliaments. After national parliamentary reservations...