The Council reached broad agreement on a draft directive addressing corporate tax avoidance, subject to a silence procedure that will end at midnight on 20 June 2016. The draft directive builds on 2015 OECD recommendations to address tax base erosion and profit shifting (BEPS). It addresses situations where corporate groups take advantage of disparities between national tax systems in order to reduce their tax liability. If the agreement is confirmed, the directive will be subsequently submitted to the Council for adoption. "It is very important that the EU is at the forefront of the fight against tax avoidance, and we took an important step today", said Jeroen Dijsselbloem, minister for finance of the Netherlands and president of the Council. "The aim is to ensure a coherent implementation of the OECD BEPS action plan, and to transpose that plan into hard law applicable throughout the EU."