DAC6: Gibraltar follows the UK and replaces DAC6 reporting

Gibraltar and Brexit

In light of the Brexit Fair Trade Agreement that passed through parliament on 30 December 2020, Gibraltar has followed the UK and amended their reporting requirements by aligning them closer to the OECD’s Mandatory Disclosure Rules (MDR).

Gibraltar’s commitments under the ongoing UK/Spain Agreement regarding Gibraltar mean that the reporting standards in respect of Spain may be realigned with the EU Directive standards in the future.

Hallmarks

Hallmarks that will be reportable are only those arrangements that would be reportable under the OECD’s MDR, namely arrangements included in the Category D hallmark of DAC6. This captures arrangements undermining automatic exchanges of information or obscuring beneficial ownership.

Timeline

Historical arrangements dating back to 25 June 2018 that fall under Hallmark D will still need to be reported in Gibraltar. Hallmark D arrangements that were triggered between 25 June 2018 and 31 June 2020 must be reported by 28 February 2021. Hallmark D arrangements that were triggered between 1 July 2020 and 31 December 2020 require reporting to HMRC by 31 January 2021.

VinciWorks’ Omnitrack Solution

VinciWorks offers reporting solutions for international firms for MDR regulations in many jurisdictions. VinciWorks’ DAC6 reporting solution has been updated in light of these changes.

Get in touch with us to see how Omnitrack can help ensure you are completing your reporting requirements.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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