The Council discussed, with a view to reaching a political agreement, a draft directive addressing some of the practices most commonly used by large companies to reduce their tax liability.
In the light of the discussion, the presidency put forward a final compromise text. The president of the Council noted that almost all member states could agree to it. The presidency therefore announced a silence procedure until 20 June 2016, midnight. The directive will be adopted at a future meeting.
The Council discussed the possibility of allowing certain member states to apply a generalised reversal of liability for VAT payments ("reverse charge mechanism") as a means of preventing VAT fraud.
The Council discussed work on a proposal aimed at introducing a financial transaction tax (FTT) in 10 member states.