DAC6 is a new directive that affects any EU intermediaries, for example the banks, regardless of whether they are companies or individuals, who create, market, manage or are informed about cross-border arrangements. DAC6 is already live (since June 2018) and the first reporting is due mid-2020. Non-compliance will result in significant penalties.
This tax directive impacts intermediaries' processes and ways of working. DAC6 should require team training and the implementation of new systems and software solution so that information can be collected and reported effectively. To further complicate matters from a business and technical point of view, the local rules and the formats of the reporting are different in various countries. One thing is for sure, it is already time for financial institutions to prepare what is needed to implement DAC6, and to collect the relevant data.
Over the course of a 45-minute presentation, our tax reporting solution experts address the following key topics:
Christopher is the Managing Director and Head of UK Tax Services in BNY Mellon`s Asset Servicing division. He is responsible for tax strategy, tax technical support, and tax market intelligence in respect of UK tax changes and how these inter-relate with international tax changes and proposals. This involves working with existing and prospective clients, tax advisors and the various tax operations teams. Prior to joining BNY Mellon in 2000, Christopher was a Tax Manager at an internationally based Insurance and Finance group. He is a Certified Accountant and also a Chartered Insurer. He currently represents BNY Mellon on the UK Investment Association Tax Committee.
Jean joined KPMG in 2008 where he acquired in-depth knowledge and expertise of the Financial Services, Banking, and Investment Funds Industries. In 2013, he went on a 3-months secondment within the “U.S. Tax Withholding and Reporting” team of KPMG New York.
Ronald Frey is Chief Product Officer of the RegTech product unit within BearingPoint and responsible for the product strategy and management of the Swiss regulatory reporting product FiRE as well as for the tax reporting products EasyTax and FiTAX. He is an expert in tax authority reporting (QI, FATCA and CRS), in tax reporting for individuals (income, wealth and capital gain) and in implementation of BearingPoint's tax software solutions. Ronald Frey’s focus is to drive international growth for the Swiss RegTech products.
Fabrice is a professional with 20 years’ experience providing software and services in the financial sector. Fabrice is Director at BearingPoint. He joined the company in 2003 and he is currently head of FiTAX BearingPoint’s tax software. He is responsible for the team as well as the software development, delivery and implementation projects of FiTAX modules. FiTAX covers regulatory tax reporting regimes such as QI, FATCA, CRS/AEOI and DAC6/MDR.
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