We’re now a few months in to the transitional period for the new EU Mandatory Disclosure Regime. These rules kicked in on 25 June this year and broadly require businesses or their advisors to report cross border arrangements which fall within certain hallmarks to the tax authorities. So how are businesses responding to the obligations placed on them under the rules? And what are some of the challenges?
On 24 September 2018, EU Member States dedicated the entire meeting of the European Commission (EC)’s Working Party IV to seeking more clarity from the EC concerning the interpretation of Council Directive 2018/822/EU of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (commonly referred to as DAC6).
Do you understand the potential implications of EU MDR for your business? This flyer provides an overview of the rules.
These frequently asked questions provide more detail on the new EU MDR rules.
On 25 May 2018, the the Economic and Financial Affairs Council (ECOFIN) formally adopted rules regarding the mandatory automatic exchange of information in relation to reportable cross-border arrangements (commonly referred to as DAC6).
On May 25, 2018, the Economic and Financial Affairs Council (ECOFIN), which is responsible for European Union tax policy, formally adopted the Council Directive that amends Directive 2011/16/EU on administrative cooperation in the field of taxation with regard to mandatory automatic exchange of information related to reportable cross-border arrangements.
On 6 July 2018 HMRC published for consultation draft legislation under the heading "International tax enforcement: disclosable arrangements", together with a summary and draft notes.