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EU MDR - are you ready to be compliant?

We’re well into the transitional period for EU MDR, also known as DAC6. The clock started ticking back on the 25th June 2018, requiring businesses to record all EU cross border arrangements that fall within certain hallmarks, to the tax authorities. All reportable cross-border arrangements that originated in the period from 25 June 2018 to 1 July 2020 must be disclosed to HMRC by the 31 August 2020. How confident are you that people in your organisation understand the new EU MDR requirements and hallmarks? And can they identify and disclose reportable transactions correctly? Based on our experience, we’ve developed a five step approach to help you ensure your business is compliant with the requirements.

How should business respond to the new EU MDR?

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?