31/03/23 (Agence Europe) – The European Tax Adviser Federation (ETAF) expressed its “concern” on Thursday 30 March in a statement about the minimum penalties provided for in the proposed Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC8). As the European Commission’s public consultation closed on the same day, ETAF welcomed the main objective of the proposal, which is to extend the mandatory automatic exchange of information between EU Member States to income generated by crypto-assets. But the federation deemed the sanctions “unlawful and disproportionate” and said they were not in line with the Treaty on the Functioning of the European Union (TFEU). The ETAF also considered that the proposed minimum sanctions “would in reality amount to the maximum penalty for the vast majority of Member States”. (AD)