On 21 February 2017, the Economic and Financial Affairs Council of the European Union agreed on a new proposal for a Council Directive (ATAD II) amending the so-called Anti-Tax Avoidance Directive (Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market - ATAD). The main changes consist in the extension of the scope of the provisions on hybrid mismatches from European Union (EU) Member States (MS) to third countries in order to align the ATAD with the rules recommended by the Organization for Economic Co-operation and Development (OECD) in the 2015 final report on Action 2 of the Base Erosion and Profit Shifting (BEPS) project.

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