In March, we hosted a live demo of our reporting solution where we covered the core features of our DAC6 reporting software. Since then, the system has evolved to help businesses solve all the challenges presented by the complex Directive. Even if you have seen a demo of the product in the past, now is the time to get up-to-date with the implementation process.
Here are just some of the updates we have made:
Enhanced workflow with country-by-country guidance
Ability to report in multiple jurisdictions
New graphical customisable dashboards
In this webinar, we covered the core features of our software, new features that have recently been added and give guidance on how businesses can use it to report transactions. This webinar is suitable for both those who have attended previous demos and those who are less familiar with our system.
VinciWorks’ Omnitrack reporting tool is used to manage sensitive compliance data, such as DAC6 reporting, GDPR and annual declarations. The security of this data is maintained through multiple layers of encryption and cyber security controls. These measures are audited on a regular basis by an independent penetration tester.
In addition, VinciWorks enables clients to take full control of their data by offering multiple hosting options:
Comprehensive intelligence that adapts to the nature and reporting country of the arrangement
Attempting to determine whether an arrangement should be reported under DAC6 is not simply a matter of reading the Directive or the Hallmarks. Each EU member state has transposed DAC6 into local law, many times with slight modifications.
VinciWorks’ DAC6 reporting tool features built-in workflow rules and expert knowledge for every member state. These workflows are available out-of-the-box and require no configuration.
The DAC6 reporting tool:
Provides country-specific guidance for every member state in English
Includes translated versions of some key government documents
Adapts the workflow to each member state’s requirements
Prompts the user to add local translations of the arrangement details where needed
Detects when domestic transactions should be reported
Is ready for automatic reporting in multiple jurisdictions with built-in XML schemas
Any company that undertakes international tax arrangements could be affected by DAC6. Reports may be made by professional advisers, known as “intermediaries”, that advise on the arrangements, but where an arrangement is organised in-house or the intermediary cannot report for another reason, the responsibility falls on the taxpayer to file their own report.
VinciWorks has been in close consultation with HMRC, other tax regulators and over 100 leading international firms to establish the implications of the EU Directive and build a reporting solution to help businesses comply.
In this webinar, we covered the core features of our software and shared guidance on how international businesses can use it to report and track transactions.
DAC6 is a European regulation aimed at reducing international tax evasion and promoting transparency. DAC6 requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report some aggressive cross-border tax arrangements. These “mandatory disclosure requirements” (MDRs) are relevant for tax transactions that cross EU borders in which it seems that the primary purpose of the transaction is a tax advantage.
In order to integrate Omnitrack into other systems, a robust API is required on both ends. Data needs to be automatically inputted into Omnitrack and data should be easily exported.
In addition to exporting data to Excel, PDF and CSV, Omnitrack allows data to be exported in XML format in order to integrate with other systems.
Example: integrate DAC6 reporting with tax authorities
DAC6 requires tax lawyers, accountants and tax advisers to report certain tax arrangements to local European tax advisers. This process can be automated and streamlined with Omnitrack. In order to report a DAC6 transaction, the data must conform to the tax authority’s “schema”. Omnitrack automatically manipulates the XML file to fit each tax authority specifications.
One of the most important aspects of DAC6 compliance is making sure intermediaries report transactions within the reporting deadline. Having consulted with over 50 leading international firms and HMRC, we have updated the DAC6 portal dashboard to make it easier for administrators to stay on top of deadlines. Our customisable dashboard will allow firms to easily track when a deadline is approaching, see what’s overdue and review what has been reported.
What are the key features of the new DAC6 portal dashboard?
1. Clear overview of the status of reports
Failure to submit a report can result in a fine from HMRC. The dashboard gives a clear, customisable visual overview of the upcoming deadlines and overdue reportable transactions.
Under DAC6, special entities, known as intermediaries, must log certain cross-border transactions that may have a tax implication and where necessary report these to local tax authorities. They should therefore start registering and keeping track of all cross-border transactions. VinciWorks has consulted with 50 leading international firms, as well as HMRC, to build a best-practice DAC6 reporting solution. The portal allows intermediaries to record all cross-border transactions while guiding them on which transactions require reporting.
Keeping track of all DAC6 reports
When it comes to DAC6 reporting, how do you make sure matters are not falling through the cracks? At matter intake, partners are unlikely to have all the details of the transaction and there needs to be a way to trigger the DAC6 review at a later time. To solve the problem, we have added a new feature that allows administrators to build flexible reminders that will trigger emails to the relevant parties when a submission needs to be reviewed or has an upcoming reporting deadline.
VinciWorks continues to develop its Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.
What is the Omnitrack form builder?
Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into graphical charts that are updated in real-time.
Conditional logic – How have we improved the form builder?
Conditional logic allows administrators to easily ensure only the most relevant questions appear each time a form is being completed. For example, when completing a form for DAC6 reporting, a transaction that doesn’t involve a cross-border element between EU countries will result in considerably fewer questions in a form than a transaction that does.