Are you ready to comply with DAC 6?
RECORDED WEBCAST |
The European Union’s council directive on administrative cooperation 2019/822, more commonly referred to as DAC 6, introduces a requirement for taxpayers, tax intermediaries and advisers to provide tax authorities with details of certain international tax planning arrangements. DAC 6 will introduce five different “hallmark” categories that represent an indication that a transaction may have a potential risk of tax avoidance. This information will be shared between tax authorities.
With EU member states actively working to incorporate DAC 6 into their domestic law by the end of this calendar year, spending time now to understand what DAC 6 is, and how it may affect your own tax planning is important. While reporting isn’t required until Aug. 31, 2020, transactions in scope must be reported if they occurred any time after June 25, 2018. Thus, anyone who must report should collect relevant transactional data immediately relating to past transactions. In addition, those obligated to report should consider how to report on a timely basis going forward because each reportable transaction must be reported within 30 days. Failure to report can result in substantial monetary penalties and reputational risk.
Join RSM leaders from the United States and Europe as they provide visibility into the framework, help you to understand its potential impact and detail what steps you can take proactively to ensure there are no surprises next summer when the reporting deadline takes effect.
During this 60-minute webcast, we cover:
- An overview of DAC 6 and hallmarks
- How we got here along with practical examples to further demonstrate the impact of this regulation
- What systems considerations you should review now
- Insights on how to develop a plan for initial and ongoing compliance