DAC6: Ireland releases a new DAC6 Schema but maintains manual filing for LPP reports
The Irish Revenue has released an updated version of the DAC6 Filing Guidelines. Like many other EU member states, the Revenue has also released a new XML Schema, referred to as Version 1.2. This is in response to the amended DAC6 Central Directory Business Validation Rules by the European Commission. The updated schema can be […]
DAC6: Member States introduce reporting reforms
Following the UK’s exit from the European Union and in response to the amended DAC6 Central Directory Business Validation Rules by the European Commission, many EU Member States have updated or are in the process of updating their DAC6 XSD reporting schemas. Belgium The Belgian tax authorities have released a new XSD Schema version 1.3 […]
HMRC continues with UK MDR preparations
In light of the Brexit Fair Trade Agreement that passed through parliament on 30 December 2020, HMRC announced that there would be major changes in the UK’s approach to DAC6. HMRC confirmed in its shock New Year’s Eve announcement email that in 2021 the UK government would repeal the legislation implementing DAC6 in the UK […]
DAC6: Cyprus defers administrative fines until 30 September 2021
On June 4, 2021, The Cyprus Tax Department announced that they will not begin to impose administrative fines for late DAC6 submissions if they are reported to the Tax Administration by September 30, 2021. The relaxation of penalties will apply to:
DAC6: Spanish reporting is live
Following the Spanish parliament’s approval of the final legislation implementing the Spanish Mandatory Disclosure Regime, on 13 April 2021, the Spanish Ministry of Taxation approved the reporting format, and reporting in Spain is now live. The Spanish Official Gazette published Order HAC/342/2021 which approves the following three forms: Form 234: For reportable cross-border arrangements by […]
Jersey Edge Closer to Implementing Mandatory Disclosure Rules
The Taxation (Implementation) (International Tax Compliance) (Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures) (Jersey) Regulations 2020 are expected to come into force in Jersey by the end of 2021. What is included in the Jersey Mandatory Disclosure Rules? The regime is closely aligned with the OECD’s Mandatory Disclosure Rules relating to […]
DAC6 Cyprus: No administrative fines until 30 June 2021
On 26 February 2021, the Cypriot Tax Authority announced that it will be extending the timeline for administrative fines in relation to the overdue submissions of DAC6 information in Cyprus. This follows on from the announcement that there would be an extension of the submission of information until 31 March 2021. The administrative fines in […]
DAC6 Belgium: Reporting Challenged in Constitutional Court
In December 2020, the Belgian Constitutional Court (Grondwettelijk Hof) decided to refer a preliminary question to the European Union Court of Justice in relation to DAC6. The preliminary question in Case number C-620/19 is around whether the DAC6 notification obligation infringes on the right of a fair trial and the right to private life under […]
New podcast episode of MDR Unpacked: Episode 3 – Argentina
In our latest episode of MDR Unpacked, our Director of Best Practice Gary Yantin and Head of Legal and Product Research Ruth Mittelmann Cohen share the latest updates on the Mandatory Disclosure Rules in Argentina. They will look at what MDR means in Argentina, the timescales, the penalties and who needs to comply. Listen now
HMRC update their DAC6 guidance documents
HMRC have updated their DAC6 guidance following the unexpected announcement on 31 December 2020 that in light of Brexit, DAC6 would be changed in the UK to be more aligned with the OECD’s model Mandatory Disclosure Rules. The changes were implemented through Statutory Instrument 2020/1649.
