The countdown is on!
Are you ready to report DAC6?
The new EU directive on Mandatory Disclosure Rules (MDR) for intermediaries (DAC6) goes one step further in the fight against aggressive tax arrangements and opaque structures. The new directive requires mandatory reporting of cross-border arrangements and considerably impacts intermediaries, such as, banks, asset managers, financial and tax advisors, tax specialists and wealth managers. Intermediaries will have to disclose information on cross-border arrangements, including the date of the arrangement and its value.
Due to the COVID-19 pandemic and following the pressure from several European member states, the European Commission has proposed a deadline extension for the implementation of the DAC6 regulation. It is the countries’ decision if and for how long the implementation will be postponed. The extension of the deadline could range from six months like in Belgium or France, to no extension as in Finland.
Affected are intermediaries, namely any professional that provides tax advisory services, from large financial institutions to small intermediaries, e.g., asset managers, lawyers or real estate agents. The reporting obligations must be met by intermediaries that are linked to the EU, for example, based on their tax residency or their incorporation. Timing is critical: Intermediaries will have to report within 30 days after the scheme is "made available" for implementation, is "ready" for implementation, or when "first step" in the implementation has been made - whichever occurs first.
With our FiTAX DAC6/MDR solution, we help intermediaries to comply with DAC6/MDR reporting obligations. Our standardized solution is ready to use, easy to deploy and can be customized according to your specific requirements. We would be happy to give you an online demo of the solution. Please use our form to contact us.