THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 113 and 115 thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Having regard to the opinion of the European Parliament [Opinion of 13 September 2023 (not yet published in the Official Journal).],

Having regard to the opinion of the European Economic and Social Committee [Opinion of 23 March 2023 (OJ C 184, 25.5.2023, p. 55).],

Acting in accordance with a special legislative procedure,

Whereas:

(1) Tax fraud, tax evasion and tax avoidance represent a major challenge for the Union and at global level. The exchange of information is pivotal in the fight against such practices.

(2) The European Parliament has stressed the political importance of fair taxation and of fighting tax fraud, tax evasion and tax avoidance, including through closer administrative cooperation and extended exchange of information between Member States.

(3) On 7 December 2021, the Council approved an Ecofin report to the European Council on tax issues requesting the Commission to table in 2022 a legislative proposal containing further revisions to Council Directive 2011/16/EU [Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC (OJ L 64, 11.3.2011, p. 1).], concerning the exchange of information on crypto-assets and tax rulings for wealthy individuals.