site.btaEC Launches Infringement Procedure against Bulgaria for Failure to Fully Implement EU Crypto-Asset Tax Transparency Rules

The European Commission (EC) has launched infringement proceedings against Bulgaria, Belgium, the Czech Republic, Estonia, Greece, Spain, Cyprus, Luxembourg, Malta, the Netherlands, Poland, and Portugal for failing to fully implement amendments to EU rules on administrative cooperation in the field of taxation related to crypto-assets. 

In a press release made public on Friday, the Commission said that it was sending letters of formal notice to the twelve Member States for failing to fully transpose Directive (EU) 2023/2226, which amends the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU) to enable tax transparency and information exchange regarding crypto-assets and to enhance the information exchanges regarding financial accounts. The timely and full implementation of the rules of the Directive by all Member States is key to achieving greater tax transparency and combating tax avoidance and evasion in investment income. The Member States concerned now have two months to respond, complete their transposition and notify the Commission. In the absence of a satisfactory response, the Commission may decide to issue a reasoned opinion, the press release added.