On 21 June 2016, the European Council announced that Member States had agreed on a final  text for the proposed draft Directive addressing tax avoidance practices commonly used by  large companies (see here for earlier commentary on this). This development should, of course, now be considered in light of the Brexit referendum result. Nevertheless should the Directive be formally adopted by the Council, Member States will have until 31 December 2018 to transpose the Directive (to apply from 1 January 2019).

The Council press release can be viewed here.