DAC6 - Mandatory disclosure tax reporting, what does it mean for you?
18 July 2018
A new EU Directive (DAC6) requires EU intermediaries (including banks, accounting firms, law firms, corporate service providers and certain other persons) involved in cross-border arrangements to make a disclosure to their tax authority if certain requirements are met. Where no intermediary is required to make a filing the taxpayer may need to disclose instead. Failure to comply can result in penalties.
The first reports are not due until August 2020 but all reportable transactions from 25 June 2018 must be disclosed. It is therefore crucial to consider the effects of this new regime and what information, if any, you should be collecting, now.
Already signed up for Client alerts? Click here to access your portal