20/06/2017 (Agence Europe) – This Wednesday 21 June, the European Commission will present its legislative proposal on transparency for tax intermediaries. It will amend the directive on administrative cooperation to require intermediaries (all types) to send their plans to the tax authorities or, if they are based outside the EU, the European taxpayer will be required to do so. Member states will then exchange these data on a quarterly basis. Sanctions will be in place for intermediaries failing to meet this requirement. The arrangements covered are those that meet at least one of the characteristics on the list annexed to the directive by the Commission. For instance, situations related to the transfer of a company's losses to a jurisdiction will be covered, as will the conversion of revenue into capital or other categories of revenue generally taxed at a lower level. Details in (see EUROPE 11804). (EL)