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Tax transparency


Tax transparency

In recent years, tax transparency has become a key issue for the EU and more broadly for international policymakers. There are several policy initiatives which are of particular relevance from a private equity perspective.


In May 2018, EU member states adopted an amendment to the Directive on Administrative Cooperation (DAC6). This amendment makes it mandatory for intermediaries (or in some cases taxpayers) to report cross-border transactions and arrangements to tax authorities and requires the subsequent automatic exchange of information between EU member states involved in those transactions.

How does it affect private equity?

Additional reporting requirements are likely to increase the administrative burden, potentially both at the fund and portfolio company level, in particular where the reporting requirement falls on the taxpayer due to professional privilege. Private equity by its nature operates across borders. Consideration needs to be given to whether certain transactions – or certain advice in the case of service providers – qualifies as reportable or not. At the same time, some member states have introduced significant fines in case of non-compliance.

Tax transparency library

Positions & consultation responses

Feedback to European Commission Proposal to prevent the misuse of shell entities for tax purposes

06 Apr 2022
Download PDF 357.74 KB
Positions & consultation responses

Response to European Commission Consultation on Fighting the use of shell entities and arrangements for tax purposes

27 Aug 2021
Download PDF 321.17 KB
Download PDF 283.95 KB

Joint industry letter on DAC 6 deferral - consistent application - JUNE 2020

29 Jun 2020
Download PDF 172.99 KB
Positions & consultation responses

Joint FS industry letter to the EC on DAC 6 deferral

24 Apr 2020
Download PDF 172.99 KB

Invest Europe letter to EC on deferral of DAC 6 application deadline

31 Mar 2020
Download PDF 78.97 KB

PAE-Invest Europe response to the OECD Pillar One consultation

11 Nov 2019
Download PDF 462.76 KB

2018 Invest Europe Tax Benchmark Study

14 Jun 2018
Download PDF 14.43 MB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
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