On 3 June 2016, Council Directive (EU) 2016/881 was published in the Official Journal of the European Union. The Directive amends the administrative cooperation Directive (Directive 2011/16/EU) so that EU Member States are required to exchange Country-by-Country (CbC) reports for fiscal years beginning on or after 1 January 2016, without the need for any additional tax information exchange agreement or competent authority agreement between the exchanging Member States. The Directive was adop…