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FastTrack to complying with DAC6
Now that most domestic laws have implemented DAC6 into their statute books and several national tax authorities have provided some comfort around the technicalities of the reporting, taxpayers and intermediaries are getting more familiar with the complex requirements of this legislation and the impact of not complying.
The implications of not complying with DAC6 can lead to costly regulatory fines. Dealing with DAC6 cross jurisdictions and making sure you’re compliant can be complex and time-consuming. Having the right partner at your side will help you stay on top of the requirements.
Intertrust Group can be your trusted guide for doing business globally. We have deep, local expertise across every service we offer, and in every location we serve. We can help you to seize this opportunity and minimise the risks.
Now that the implementation of the sixth Directive on Administrative Cooperation in the field of taxation, more commonly named DAC6, can’t be ignored anymore the complexity of the legislation unfolds itself.
The initial filing – the requirement for the reporting of cross-border arrangements in European transactions to strengthen tax transparency and address aggressive tax planning – of DAC6 covers retrospective cross-border assessments from June 2020.
Ongoing assessment and filing are required for any new cross-border transactions that fall under the categories defined by the directive. But as the legislation in the form of a directive offered the EU Member States some leeway in how they transposed it into national law that’s where the complications and need for specialist expertise to track variations in the law from country to country come in.
How does it impact you?
There are two ways in which you could be impacted by DAC6.
- Your providers are captured as intermediaries as a result of a service they provide to you. When working on the implementation a of cross-border arrangement on your behalf, Intertrust Group and other intermediaries have a regulatory obligation to identify and report cross-border arrangements that present specific hallmarks, as defined by the directive.
- If the above has not resulted in an intermediary being obligated, then it will fall to you as the taxpayer.
Navigating the complexity
Reporting
Who is responsible for reporting the transaction
Control
Keeping track of what is reported
Language
Some countries require filling in local language
Timeliness
Arrangement must be reported within 30 days
Penalties
There are steep fines for non-compliance that differ per country
Process
Filling formats and mechanisms differ per country
How we can help you
We have your back with the knowledge and experience you need to succeed. As rules evolve overtime, we’re here to enable your ongoing compliance with the latest rules and regulations so you can focus on your core business. Our mandatory disclosure reporting services provide an efficient way of maintaining control over all requirements through a secure, online recording and reporting tool. Intertrust Group can help you to navigate the complexities and stay ahead of the curve.
We can act as the lead intermediary, coordinating all parties and maintaining the reportable arrangement register. If there is no intermediary, we can also offer a full taxpayer support service.
- Maintain DAC 6 register
- Assessment and reporting
- Coordination between intermediaries
Our services include:
- Setting up and maintaining the DAC6 transaction log per entity.
- Performing – or support you in performing – the assessment of cross-border arrangements and the filing of reportable arrangements to tax authorities through a highly automated and secure reporting solution.
- Aligning with other intermediaries through a web-based collaborative platform to ensure consistency in the assessment of cross-border arrangements and to avoid the risk of multiple or inconsistent reporting.
What activity are we seeing?
DAC6 arose from the EU decision to implement the Mandatory Disclosure Regime (MDR) outlined in Action 12 of the anti-tax avoidance project on Base Erosion and Profit Shifting (BEPS).
While the European implementation goes beyond the requirement defined under MDR, several Non-EU countries, such as Mexico and Norway, are exploring similar reporting regimes of their own.
Simultaneously, after leaving the EU on 01 January 2021, the UK has announced it will repel DAC6 to implement a lighter version of MDR.
Which once more shows the complexity of the regulation while dealing with it cross border.
Case study
DAC6 is raising the bar on reporting standards. Companies operating globally need to prepare to comply with this new set of regulations. Defining the steps to take can be complex and requires specialist assistance.
Evaluation Of Cross-Border Transactions
The solution
- Determined scope of work and responsibilities
- Decided what information to collect and to report on
- Evaluated all cross-border transactions from 25 June 2018 to date
- Agreed on assessment with client’s tax team
- Prepared reporting for filing
- Ensure filing according to local requirements
Our advantages
- Multi-jurisdictional teams supporting the client across different markets, bringing understanding of local requirements
- Well-established processes and operational functions to coordinate intermediaries and avoid the risk of double reporting or penalties
- Proven technology to shoulder what may be a substantial administrative burden
What makes us different?
Now that the implementation of DAC6 can’t be ignored anymore, reports of cross-border transactions need to be made and filed in time to avoid costly penalties. Appointing a lead intermediary will save you time and money, limiting the risk of double or incorrect reporting, missing reports or even missed deadlines which may lead to unwarranted tax audits. Intertrust Group is the leading source of knowledge on the latest rules and regulations that you need to comply with.
We service clients from 30+ jurisdictions
To find out more about how we can help fast track you to get ready for DAC6, talk to our experts today.