DAC6 has now been in force for over two months, with intermediaries and businesses in Germany already having to report historical transactions.
Over the past 18 months, VinciWorks has consulted with international law firms, accounting firms, corporate compliance teams and tax authorities to help them grapple with the Directive and develop best-practice for DAC6. Our webinars, core group meetings and face-to-face interactions have drawn questions covering main benefit tests, reporting in Germany, understanding hallmarks, how DAC6 affects non-legal sectors and several other aspects of the Directive.
This webinar will give attendees the opportunity to have their questions answered by our Legal and Research Executive Ruth Mittelmann Cohen and Director of Best Practice Gary Yantin.
On Wednesday, 9 September, 2020, around 200 people joined VinciWorks for its fourth DAC6 Core Group meeting. This was a continuation of our third core group meeting held at Freshfields Bruckhaus Deringer’s London office earlier in 2020. In light of COVID-19, this fourth meeting was held virtually; however, audience participation was encouraged and this was not “just another webinar”.
VinciWorks have close relationships with various tax authorities across the EU, and we were joined at our meeting by James Marshall from HMRC, and Valérie Robbertz and Willem-Jan van Veen from the Netherlands Tax and Customs Administration (NTCA).
Below is an overview of some of the key questions that were discussed in the meeting.
DAC6 is a European directive aimed at reducing international tax evasion and promoting transparency. It requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report some aggressive cross-border tax arrangements. Multinational businesses might also be required to report transactions in circumstances where no external intermediary is able to report. These “mandatory disclosure requirements” (MDR) are for tax transactions that cross EU borders, where it seems that the primary purpose of the transaction is a tax advantage.
Over the last 18 months, VinciWorks has brought together over 100 international law and accounting firms to help firms grapple with the Directive and develop best-practice for DAC6.
We are now hosting our fourth DAC6 Core Group meeting on Wednesday, 9 September 2020, 12:00–15:00 (BST) via Zoom.
The agenda includes an open Q&A session with James Marshall, HMRC’s DAC6 policy lead, and an international panel including Willem-Jan van Veen and Valérie Robbertz from the Netherlands Tax and Customs Administration.
The virtual meeting will also include case studies from firms that have already implemented a DAC6 reporting system, and an update on reporting across EU member states.
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.
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 new EU tax directive designed to reduce tax avoidance through new mandatory reporting requirements. Once reporting requirements begin, any company that undertakes international tax arrangements could be affected by DAC6.
In this webinar, Director of Best Practice Gary Yantin and Legal and Research Executive Ruth Mittelmann Cohen take us through multinational taxpayers’ responsibilities with regards to reporting cross-border transactions in line with DAC6.
The webinar covers:
A brief introduction to DAC6 and how it affects multinationals and large businesses
Multinationals’ responsibilities and when they need to report
How to keep track of your intermediaries and their reporting
How VinciWorks’ DAC6 reporting solution can help multinationals stay on top of DAC6 compliance
For the past year, we have researched DAC6 in-depth, consulted with HMRC, hosted meetings with over 100 law firms, collaborated with international tax experts and built a DAC6 reporting tool. The tool features workflows designed and updated for the intricacies of each EU member state’s implementation of DAC6.
In this webinar we answered some of the most common questions we receive about DAC6 workflows and how those workflows can be implemented in the DAC6 reporting tool.
These questions include:
How do I set up reporting deadline reminders?
How do I deal with multiple jurisdictions?
How does on-premises hosting work?
How do I manage XML schemas?
When is the 30-day reporting period triggered?
How to deal with multiple jurisdictions
How to customise forms and dashboards to suit your firm and staff
During the meeting, we demonstrated how our tool can be used to manage any workflow and solve many of the coordination and compliance challenges that DAC6 poses. You can request a recording or book a demo by clicking the button below.
Back in January, VinciWorks held a core group meeting with HMRC’s DAC6 policy lead James Marshall. A key outcome of the meeting was that HMRC would be required to provide clarifications in its DAC6 guidance document in order to answer many pressing questions that law firms and other intermediaries had about the UK’s implementation of DAC6.
At the end of March 2020, HMRC shared with VinciWorks the latest version of its draft guidance. While the final guidance is not expected until later on in the year, the draft guidance gives much insight into HMRC’s view of this challenging piece of legislation.
In this webinar, VinciWorks’ Legal and Research Executive Ruth Mittelmann Cohen and Director of Best Practice Gary Yantin took us through the details of HMRC’s latest draft guidance on DAC6.
Key talking points:
Reportable cross-border arrangements, including the impact of Brexit
Understanding the main benefit test and tax advantages
HMRC’s interpretation of the hallmarks, including relevant examples
Reporting obligations and the relevant reporting triggers
Details of information to be reported
The potential penalties for non-compliance and examples of finable offences
There has been increasing public awareness, political concern, and corporate action on mental health in the UK in recent years. This comes amid more referrals to mental health services, an explosion in prescriptions for anti-depressants, an increase in work days lost to mental health problems, and a stark rise in suicide, particularly among young men. In light of the current COVID-19 pandemic, stress and anxiety will only be exacerbated.
In this webinar, we explored employers’ moral and legal responsibility towards their staff’s wellbeing. We were also joined by DAC Beachcroft’s Head of Employee Relations Ben Morris and Pinsent Masons LLP’s Diversity and Inclusion Consultant Kate Dodd to explore initiatives that businesses have introduced to good effect and what lessons have been learnt.
On 13 January 2020, HMRC laid the UK’s DAC6 legislation before the House of Commons in the form of the International Tax Enforcement (Disclosable Arrangements) Regulations 2020, Statutory Instrument 2020 No. 25. The legislation will come into force on 1 July 2020. Reporting will be required for transactions in which the first step of implementation was carried out on or after 25 June 2018.
Since DAC6 was adopted by ECOFIN on 25 May 2018, VinciWorks has been in close consultation with HMRC and over 50 leading international firms to establish the implications of the EU Directive and build a reporting solution to help firms comply.
In this webinar, we covered the core features of our software and gave guidance on how intermediaries can use it to report transactions.
You can request a recording of the webinar by clicking the button below.