DAC6 Archives | Page 7 of 14

DAC6 reporting now open in the UK

HMRC have opened their DAC6 reporting tool via the Government Gateway. This is not impacted by Brexit changes in UK DAC6 legislation.

A UK-based reporting entity must register to report a DAC6 cross-border arrangement. Registrations can be at the same time that you submit your report or before.

How to Register

To register on behalf of a business, you’ll need the:

Government Gateway user ID and password for the business
Unique Taxpayer Reference for the business, if it has one
The registered name for your business on your incorporation certificate

You can register to use the online services here.

After you have registered

Once you’ve registered you’ll receive:

a DAC6 user ID
a confirmation email

You’ll need this DAC6 user ID to report your cross-border arrangements.

Brexit DAC6 Tax Evasion Thought Leadership
0
6 min read

UK to replace DAC6

How has the Brexit agreement affected DAC6?

In light of the Brexit Fair Trade Agreement that passed through parliament on 30 December 2020, HMRC announced today that there will be major changes in the UK’s approach to DAC6.

DAC6 will cease to apply to the UK at the end of the transition period (11pm GMT on 31 December 2020). At that point, the UK will no longer be obliged to implement DAC6.

Listen to our podcast episode with HMRC about the changes

Does this mean that DAC6 will no longer apply in the UK?

The short answer is no.

The long answer is that the Fair Trade Agreement emphasises that the UK “shall not weaken or reduce the level of protection provided for in its legislation at the end of the transition period below the level provided for by the standards and rules which have been agreed in the OECD at the end of the transition period”. This is a reference to the OECD’s model Mandatory Disclosure Rules (MDR) and includes some elements of DAC6.

DAC6 in Ireland: Finance Bill 2020 proposes changes to legislation

Proposed changes to Ireland’s implementation of DAC6 were announced in the Finance Bill 2020. Some of the relevant changes include:

Additional DAC6 exemptions: DAC6 will no longer apply to fees, such as for certificates and other documents issued by public authorities; and dues of a contractual nature, such as consideration for public utilities.

New intermediary exemptions: An intermediary will be exempt from making a return to the Revenue Commissioners if they receive confirmation that such other intermediary has reported, a copy of the specified information provided to the competent authority or an Arrangement Reference Number.

DAC6 Thought Leadership
0
59 sec read

DAC6 in Germany: Partial reporting allowed… again

The German tax authority has confirmed in their latest edition of the DAC6 Communication Manual released on 4 December 2020 that they have backtracked on their decision not to accept partial reports in certain cases where legal professional privilege applied to an arrangement.

The latest update makes it clear that partial reports in cases of both marketable and non-marketable arrangements are now being accepted by the German tax authority.

The previous decision to stop partial reports was not in line with German law that stipulates a partial report should always be made if legal professional privilege applies.

VinciWorks continues to provide direct reporting to the German Tax authorities via its DAC6 reporting software.

DAC6 – Country-by-country guide updated in light of latest guidance

DAC6 guide to country-by-country implementation

The DAC6 compliance requirements of global businesses vary from country to country. Despite the approaching 1 January deadline, not all EU member states have yet finalised their guidance and additional details, such as legal professional privilege and penalties vary between each state. To help firms save time and money on conducting their own research, VinciWorks has collaborated with Transfer Pricing Services to create a concise country-by-country guide to DAC6 compliance. The guide can be purchased either together with our DAC6 compliance solution or as a standalone tool.

As we near DAC6 reporting beginning in all member states in January, we have been regularly updating the guide.

Latest updates to the DAC6 country-by-country guide

Updates to the reporting procedure in the jurisdictions that have released further guidance about reporting
Updates to the guide on the basis of newly released or updated guidance from tax authorities across the EU
Updates to the timeline for reporting in line with the deferral in light of COVID-19
Additional appendixes including a summary of risk areas within an organisation for each of the hallmarks and an in-depth analysis of the EBIT test
Details of the implementation of mandatory disclosure regimes (MDR) in non-EU jurisdictions

Preview the guide

HMRC: DAC6 Reporting Update

As we draw closer to 1 January 2021, when DAC6 reporting requirements begin across all EU member states, many tax authorities are beginning to make the final preparations for DAC6. VinciWorks is in close contact with tax authorities across the EU. Here is the latest update from HMRC:

Reporting Site: HMRC will be carrying out private Beta testing of its DAC6 reporting site with the hope of opening it up to the public at the end of December. Obviously, the bank holidays around Christmas and New Year will make this challenging as support staff need to be available to help with any difficulties.

Mandatory Reporting Fields: There are some mandatory fields that require reporting in accordance with the UK’s XML Schema that might be problematic to answer as the information is not available at the time of reporting. HMRC is investigating what those fields are in order to provide guidance.

DAC6
0
2 min read

What is Mexico’s Mandatory Disclosure Regime (MDR)? Download our guide

Mexico has introduced a new law that requires lawyers, accountants, bankers and tax advisers to proactively report certain tax transactions to the tax authorities. The Mexican law is part of an OECD initiative to combat tax evasion, known as BEPS Action 12, and is similar to the EU’s DAC6 regulation. Mexico’s mandatory disclosure law will be in force from January 2021, with a requirement to report historic data.

For Mexico, this means that businesses will need to review transactions that go as far back as January 2020. Businesses that start keeping track of transactions now will find it easier to report transactions when the mandatory disclosure law is in force in Mexico.

On-demand webinar: DAC6 – The non-legal perspective

Wednesday 25 November, 12:00pm (UK)

How does DAC6 affect banks, investment houses, accounting firms, multinationals, and taxpayers?

DAC6 is a European directive aimed at reducing international tax evasion and promoting transparency. It requires any company that serves as an “intermediary” to a cross-border tax arrangement to assess that arrangement and report it to the tax authorities in some situations.

DAC6 potentially creates a significant compliance burden for companies that are party to a cross-border transaction, even if their role seems incidental. Many investment funds and banks, as well as multi-national corporations, will be exposed to liability under DAC6.

In this webinar, VinciWorks’ DAC6 experts gave guidance on what the Directive means for businesses and how businesses with and without in-house legal teams are managing the DAC6 process and reporting.

During the webinar we covered:

What is DAC6 and how does it apply to different industries?
What is a proportionate approach to DAC6?
Who is responsible for DAC6 reporting?
When should a DAC6 report be made?
Do you need to manage your professional advisors’ DAC6 reporting?
Should staff be trained on DAC6?
Do you need a reporting tool?

Watch now

DAC6
0
1 min read

DAC6 and Hedge Funds

DAC6 is a European directive aimed at reducing international tax evasion and promoting transparency. It requires “intermediaries” to report some aggressive cross-border tax arrangements.

What do hedge funds need to know about DAC6?

Hedge funds are exposed to DAC6 compliance concerns on multiple fronts. Both in fundraising activities and while making investments, hedge funds could be considered intermediaries in tax arrangements. The video below explains:

What hedge funds need to know about DAC6
Potential DAC6 exposure points for hedge funds
Tips for hedge funds to remain compliant

DAC6 compliance for hedge funds with VinciWorks

VinciWorks’ DAC6 reporting solution provides hedge funds with the expertise, knowledge and technical infrastructure to comply with the Directive in every EU jurisdiction. The tool uses a built-in knowledge engine to guide users through the DAC6 process and recommends which transactions should be reported. It features workflows designed and updated for the intricacies of each EU member state’s implementation of DAC6.

Learn more

Course & Product Updates DAC6 Thought Leadership
0
5 min read

VinciWorks’ DAC6 reporting solution awarded runner up prize in the British Legal Technology Awards

Runner up prize for IT product or service of the year

Thursday 12 November, 2020

This year, our DAC6 reporting solution was awarded the runner up prize in the category of IT Product or Service of the Year in the British Legal Tech Awards. The announcement took place during a virtual black-tie ceremony hosted by Netlaw Media and follows hard work from our full-time DAC6 team consisting of developers, subject-matter experts, support technicians and designers. We congratulate Orbital Witness for coming out first-place winners in the category.

Prev.
1
…
5
6
7
8
9
…
14
Next