DAC6 Country Profile: Ireland

Irish Flag
In light of the COVID-19 pandemic, Ireland has taken the decision to defer DAC6 reporting by six months

Each EU Member State had until 31 December 2019 to transpose the Directive into local laws and legislation. A letter of formal notice was issued by the EU Commission to 15 EU Member States detailing the infringements of DAC6 application into local law.

We are publishing a series of guides on how each EU member state is implementing DAC6. Our next guide focusses on Ireland’s implementation of DAC6.

Has Ireland implemented DAC6?

Legislation Details

Ireland’s tax authority, the Irish Tax and Customs, published the Irish DAC6 legislation on 3 January 2020. The legislation is called Finance Act no. 45 / 2019, Chapter 3A – Implementation of Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements.

Taxes covered

Irish legislation covers cross-border arrangements. The legislation is in line with the EU Directive and does not include domestic arrangements or any additional hallmarks, however, the DAC6 legislation operates in addition to the domestic mandatory disclosure regime introduced in Ireland in 2011.

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HMRC publishes guidance on how DAC6 will work

HMRC has published its ‘final guidance’ on how DAC6 will operate in the UK. It includes details on the interpretation of the hallmarks, penalties and reasonable excuses.

Click here to download HMRC’s DAC6 guidance

This guidance is an update to the draft that HMRC published in March 2020. Although the guidance is ‘final’, HMRC have noted that “there are still a small number of updates to this guidance which are pending and will be made in the coming weeks”.

If you are familiar with the guidance from March, you can download a comparison between the draft and final DAC6 guidance.

DAC6 Country Profile: Belgium

Belgium flag
In light of the COVID-19 pandemic, Belgium has decided to defer DAC6 reporting by six months

Each EU Member State had until 31 December 2019 to transpose the Directive into local laws and legislation. A letter of formal notice was issued by the EU Commission to 15 EU Member States detailing the infringements of DAC6 application into local law.

We are publishing a series of guides on how each EU member state is implementing DAC6. Our next guide focusses on Belgium’s implementation of DAC6.

Has Belgium implemented DAC6?

Legislation Details

The Federal Public Service FINANCE (Ministry of Finance) published the Belgian DAC6 legislation on 21 December 2019. The legislation is called Loi transposant la Directive (UE) 2018/822 du Conseil du 25 mai 2018 modifiant la Directive 2011/16/UE en ce qui concerne l’échange automatique et obligatoire d’informations dans le domaine fiscal en rapport avec les dispositifs transfrontières devant faire l’objet d’une déclaration.

Taxes covered

Belgian legislation covers cross-border arrangements. The legislation is in line with the EU Directive and does not include domestic arrangements or any additional hallmarks.

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DAC6 training updated to reflect EU Commission’s reporting delay

DAC6 is a European regulation aimed at tackling tax avoidance and tax evasion, strengthening tax transparency and improving information sharing between EU Member States. The Directive requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report certain aggressive cross-border arrangements. 

VinciWorks’ DAC6 training is recommended in order to understand the intricacies of these hallmarks and to determine which transactions must be reported.

Due to the Covid-19 pandemic, the European Commission has confirmed an optional deferral of the implementation of DAC6 by six months. Each member state will now decide whether they will avail themselves of the optional deferral. Most countries are set to defer reporting, with several, including the UK, Ireland and France already having announced their intentions to defer reporting. We will continue to update this blog as more countries decide on whether and how to implement the new timeline.

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EU allows delay of up to six months for DAC6 reporting

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Updated 1 July 2020

On 3 June, 2020, Member State representatives reached an agreement to allow an optional six-month deferral of reporting deadlines for DAC6.

On 19th June 2020, the European Parliament voted in favour of the EU Commission’s proposed deferral and on 24th June the European Union Council approved the postponement.

What is the next step towards a DAC6 postponement?

It is now up to each EU member state to decide if they will avail themselves of the optional deferral. It seems likely that most member states will defer and many have already announced their intentions.

What is the new DAC6 timeline?

  • Historical arrangements where first steps were implemented between 25 June 2018 and 30 June 2020: Optional deferral until 28 February 2021
  • First transfer of information between EU Member States: 30 April 2021
  • New arrangements where the reporting triggers are met between 1 July 2020 and 31 December 2020: The 30 day filing period begins 1 January 2021
  • Marketable Arrangements: First periodic report expected by 30 April 2021

Countries deferring DAC6

The following countries have announced their intentions to avail themselves of this optional extension now that it has been approved by the European Council.

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VinciWorks to release impactful diversity training focussing on BAME racism

Recent events have once again highlighted racism and grave injustices towards people of colour, accentuating the need for both continued and renewed introspection and action to fight against racism. Sadly, these issues still exist in our world.

“Racism is a global issue. Racism is a British issue. It is not one that is merely confined to the United States – it is everywhere, and it is systemic,” wrote Edward Enninful, the editor-in-chief of British Vogue, who is black. Systemic racism is trending, but we only have to listen to stories of black, Asian and ethnic minority (BAME) people to understand that systemic racism is far from a fad.

As businesses think hard about whether they are doing enough to educate their staff on diversity, we have seen an increase over the last few weeks in demand for diversity training. We will therefore soon be adding a new course to our existing diversity and inclusion training suite. Complementing our current story-based diversity course, Diversity and Inclusion at Work: MyStory, our new course will shed light on instances of discrimination, racism and bias against BAME people all too frequently experienced by people in the workplace through hard-hitting stories.

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DAC6 Country Profile: Germany

VinciWorks is publishing a series of guides on how each EU member state is implementing DAC6.

Bundestag

Each EU Member State had until 31 December 2019 to transpose the Directive into local laws and legislation. A letter of formal notice was issued by the EU Commission to 15 EU Member States detailing the infringements of DAC6 application into local law.

Has Germany implemented DAC6?

Legislation Details

The German Ministry of Finance (Bundesministerium der Finanzen) published the German DAC6 legislation on 21 December 2019. The legislation is called Gesetz zur Einführung einer Pflicht zur Mitteilung grenzüberschreitender Steuergestaltungen (Law for the introduction of an obligation to report cross-border tax arrangements).

Taxes covered

German legislation covers cross-border arrangements. The legislation is in line with the EU Directive and does not include domestic arrangements or any additional hallmarks.

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Anti-money laundering training – choosing the right course

VinciWorks has released new anti-money laundering training that replaces our flagship advanced and fundamentals courses. The training is available in two versions, tailored to different risk profiles.

Anti-Money Laundering: Advanced

Anti-money laundering course dashboard
Anti-Money Laundering: Advanced begins with a course builder, allowing users to instantly build the most relevant course for them

This is a 90-minute course geared towards staff with higher exposure to money laundering risk. This includes staff involved in client onboarding or due diligence. The course provides a detailed explanation of how money laundering works and how to conduct CDD. It also details all relevant laws and features an exhaustive list of red flags.

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Is DAC6 the next target for HMRC’s Corporate Criminal Offence (CCO) audits?

HMRC has stepped up their Corporate Criminal Offence (CCO) investigations. HMRC recently responded to a Freedom of Information request that showed that on 31 December 2019, HMRC had 9 live investigations and 21 further opportunities under review in various industry sectors. The results of these audits will be made public as soon as appropriate to do so. 

What is a Corporate Criminal Offence (CCO) audit?

The Corporate Criminal Offences (CCO) for the failure to prevent the facilitation of tax evasion were introduced by Part 3 of the Criminal Finances Act 2017. HMRC has made government guidance available. The UK government also plans to create a new Anti-Tax Evasion Unit within HMRC to step up the investigations for Corporate Criminal Offences.

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VinciWorks stands with the black community

Recent events have once again highlighted racism and grave injustices towards people of colour, accentuating the need for both continued and renewed introspection and action to fight against racism. Sadly, these issues still exist in workplaces across the world.

VinciWorks strives to create a fairer, safer and more honest world. We have shown this through the impactful training we deliver on diversity, inclusion and anti-harassment, as well as other topics. We continually evaluate, expand and update our training and free resources to reflect how important diversity and inclusion is to us. 

Here’s what we are doing:

Free diversity and inclusion resources

Our diversity resources page contains practical resources, guides, policy templates and assessments to help organisations implement inclusive workplaces that promote equality and do not tolerate racism or harassment. The page can be shared across your organisation or bookmarked for easy access.

Access free diversity resources

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