On 21 June 2016, the Council of the European Union issued a release announcing that agreement has been reached on a final draft of the Anti Tax Avoidance Directive originally proposed by the European Commission ({News-2016-01-29/P/2- previous coverage}). The announcement follows a tentative agreement reached on 17 June 2016, subject to a silence procedure that ended at midnight on 20 June. The final draft includes anti-avoidance rules in five areas based on outcomes of Actions 2, 3 and 4 of t…