The EU tax omnibus package promises to represent the most significant reform of EU direct tax rules in years. This panel will explore existing challenges to the Anti-tax avoidance Directive, the Interest & Royalty Directive, the Parent-Subsidiary Directive and the Merger Directive, and the proposed changes thereto, against a backdrop of delicate geopolitical tensions, a focus on enhancing EU competitiveness, and evolving transatlantic tax relations. The discussion will explore whether the omnibus package can deliver meaningful simplification for cross-border groups and structures while maintaining effective safeguards against abuse. The panel will also address DAC6 developments and expected changes, the continued evolution of EU anti-abuse principles, and the latest decisions of the Court of Justice of the European Union affecting cross-border investment structures. Particular attention will also be paid to the interaction between these EU developments and the U.S. position, and what they mean for multinational businesses operating in an increasingly complex international tax environment.