Recital (20)

Since the objective of this Directive, namely to provide the framework for the operational implementation of the filing obligations laid down in Directive (EU) 2022/2523 on the basis of the common approach contained in the OECD Model Rules and to ensure that respective information on financial accounts is subject to a mandatory automatic exchange, cannot be sufficiently achieved by the Member States, because independent action by Member States would risk fragmenting the internal market, but can rather, given the scale of the global minimum tax reform and the critical importance of adopting solutions that function for the internal market as a whole, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that objective.