The Directive (EU) 2018/822 of 25 May 2018 concerning the automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (the so-called “DAC6”) entered into force on 25 June 2018.
DAC6 was adopted to enable Member States to react promptly against harmful tax practices and to close loopholes in their tax regulatory framework. The notional purpose of DAC6 is therefore to require intermediaries (such as accountants, tax advisors and lawyers) to report potentially aggressive cross-border tax-planning arrangements to the tax authorities.
DAC6 is however written in a very broad language, which means that many transactions may need to be reported even if they are not truly aggressive. A wise interpretation will be key.
Intermediaries will undoubtedly face plenty of issues when identifying reportable arrangements. As reporting obligations may be shifted to taxpayers, they will also have to handle DAC6 complexity.
The DAC6 brochure attached below presents some of the DAC6 basic features as well as the Ashurst dedicated team and services that have been set up to help taxpayers and intermediaries to comply with their reporting obligations.
To discuss DAC6 implications for your business, to find out more about how we can help or to receive more information on this topic, please get in touch with your usual Ashurst contact or with one of the key contacts listed on page 10 of the attached brochure below.
The video transcript is available here.
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