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.

Notification requirements where legal professional privilege applies: The intermediary concerned shall, without delay, notify the relevant taxpayer of the obligations imposed on that relevant taxpayer.

Change to duties of the relevant taxpayer”: An intermediary will be exempt from making a return to the Revenue Commissioners if they receive confirmation that another intermediary has reported (for example via an Arrangement Reference Number).

Hallmark A3: There is a new list of specified arrangements that breach hallmark A3.

VinciWorks is working closely with tax authorities across the EU including Ireland and a complete XML report can be produced via its DAC6 reporting software.

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.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”