DAC6 Country Profile: Italy

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Italian Parliament
In light of the COVID-19 pandemic, Italy is set to decide how they will be deferring DAC6

Each EU Member State had until 31 December 2019 to transpose DAC6 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. These guides will cover each country’s decision regarding postponing DAC6 reporting by up to six months. The guide provides a preview to our full up-to-date country-by-country guide to DAC6.

Our next guide focusses on the Italy’s implementation of DAC6.

Has Italy implemented DAC6?

Legislation Details

Italy’s tax authority, Ministero dell’Economia e delle finanze (Ministry of Economy and Finance), published DAC6 draft legislation, called Schema di Decreto Legislativo Recante Attuazione Della Direttiva (UE) 2018/822, del Consiglio, del 25 Maggio 2018, recante modifica della Direttiva 2011/16/UE per quanto riguarda lo scambio automatico obbligatorio di informazioni nel settore fiscale relativamente ai meccanismi transfrontalieri soggetti all’obbligo di notifica, on 29 January 2020. A second draft of the legislation is now available.

Taxes covered

Italy’s 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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VinciWorks releases new online HIPAA training

VinciWorks has released a new HIPAA course, to train learners about HIPAA and related federal legislation.

The Health Insurance Portability and Accountability Act (HIPAA) defines health information as any information (including genetic information) created or received by a healthcare provider, health plan, public health authority, employer, life insurance company, school or university, or healthcare clearinghouse AND relates to a person’s:

  • Past, present or future physical or mental health or condition
  • Treatment
  • Past, present or future payment for healthcare
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DAC6: Germany’s unique approach to legal professional privilege (LPP)

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Bundestag

No reporting delay in Germany

Germany recently made the shock announcement that it would not be deferring DAC6 implementation, despite an optional 6 months delay awarded to EU member states by the EU Commission. As a result of this announcement, intermediaries, including accounting firms, law firms, and other tax advisors in multiple industries have begun the process of identifying DAC6 reportable arrangements.

German XML schema released

Many tax authorities, including HMRC, have already produced xml schemas stipulating their DAC6 reporting requirements, and the German schema is closely aligned to these. The German Federal Ministry of Finance (Bundeszentralamt für Steuern) have decided on a unique approach to legal professional privilege.

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Which countries are deferring DAC6 and how? Downloadable deferral chart

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DAC6 deferral chart screenshot
Our DAC6 deferral chart provides up-to-date guidance on how each EU member state has decided to defer DAC6

DAC6 is a European Directive aimed at tackling tax avoidance and strengthening tax transparency, as well as improving information sharing between EU member states. The Directive imposes mandatory reporting on lawyers, accountants, tax advisers, bankers, and other so-called “intermediaries”.

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

On 19 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. 21 member states have postponed, most for the full six months. Notably, Germany, Austria and Finland have not.

We have created a downloadable chart presenting an up-to-date guide to how each country has decided to defer DAC6.

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DAC6 Country Profile: Luxembourg

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Luxembourg Chamber of Deputies
In light of the COVID-19 pandemic, Luxembourg has taken the decision to defer DAC6 reporting by six months

Each EU Member State had until 31 December 2019 to transpose the DAC6 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. These guides will cover each country’s decision regarding postponing DAC6 reporting by up to six months. The guide provides a preview to our full up-to-date country-by-country guide to DAC6.

Our next guide focusses on the Luxembourg’s implementation of DAC6.

Has Luxembourg implemented DAC6?

Legislation Details

Luxembourg’s tax authority, Ministere des Finances (Ministry of Finance), published DAC6 legislation, called Loi du 25 mars 2020 relative aux dispositifs transfrontières devant faire l’objet d’une déclaration (Law of 25 March 2020 on cross-border arrangements to be reported), on 25 March 2020. 

Taxes covered

Luxembourg’s 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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EU Court of Justice Invalidates EU-US Privacy Shield

US and EU flags

The EU-US Privacy Shield is no more. In a dramatic move, the European Court of Justice ruled the agreement covering the transfer of EU citizens’ data to the US is invalid as of 16 July 2020.

What is the Privacy Shield?

The Privacy Shield is used as a mechanism for data transfer for over 5,000 companies to ensure that data subject to GDPR standards is kept secure and safe when held in the US.

Since the Privacy Shield is no longer in effect, companies will have to rely on other mechanisms such as standard contractual clauses (SCC’s) and binding corporate rules (BCR’s) to maintain transatlantic data transfers.

It is important to note that this ruling does not concern what’s known as ‘necessary’ data transfers, like sending an email to book a hotel or finalise a contract. This ruling is about the bulk outsourcing of data covered by GDPR, that is EU citizen’s data, to the US. This is often done for cost reasons or because the business is based in the US.

Long term, this ruling could mean more EU data is processed closer to home. However, in the short term, any data which is transferred using the Privacy Shield mechanism should be reassessed and a new framework put in place, at least temporarily, to reduce any interruption to the data flow.

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DAC6 Country Profile: The Netherlands

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Netherlands Flag
In light of the COVID-19 pandemic, the Netherlands 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. These guides will cover each country’s decision regarding postponing DAC6 reporting by up to six months. The guide provides a preview to our full up-to-date country-by-country guide to DAC6.

Our next guide focusses on the Netherland’s implementation of DAC6.

Has the Netherlands implemented DAC6?

Legislation Details

The Belastingdienst (Tax and Customs Administration) published the Netherlands’ DAC6 legislation on 27 December 2019. The legislation is called Wet van 18 december 2019 tot wijziging van de Wet op de internationale bijstandsverlening bij de heffing van belastingen en de Algemene wet inzake rijksbelastingen in verband met de implementatie van Richtlijn (EU) 2018/822 van de Raad van 25 mei 2018 tot wijziging van Richtlijn 2011/16/EU wat betreft verplichte automatische uitwisseling van inlichtingen op belastinggebied met betrekking tot meldingsplichtige grensoverschrijdende constructies (PbEU 2018, L 139) (Wet implementatie EU-richtlijn meldingsplichtige grensoverschrijdende constructies), or in English: Law of 18 December 2019 amending the Law on International Assistance in Taxation and the General Law on State Taxes in connection with the implementation of Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU with regard to mandatory automatic exchange of information in the field of taxation with regard to reporting cross-border arrangements (PbEU 2018, L 139) (Implementation of the EU Directive on reporting cross-border arrangements).

Taxes covered

Legislation in the Netherlands 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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Upcoming cyber security course to include new levels of personalisation and customisation

Cyber security course screenshot
The social engineering module in our new cyber security course includes personalised interactive scenario questions

Cyber training is most effective when delivered in short, micro-learning modules and users retain the information best when it is relevant to their individual circumstances and level of expertise. We may not need to teach IT professionals about password protection, just as the average staff member doesn’t need to know the technical specifications of the business’ firewall.

VinciWorks will soon be adding a new course to our cyber security training suite that takes personalisation to the next level. The course presents a brand new style of course that aims to provide the ultimate in relevant learning for the user. The course contains over 50 short individual units that dynamically organise themselves to create a relevant learning path as unique as each user.

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DAC6 Country Profile: France

French Parliament
In light of the COVID-19 pandemic, has taken the decision to defer DAC6 reporting by six months

Each EU Member State had until 31 December 2019 to transpose DAC6 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. These guides will cover each country’s decision regarding postponing DAC6 reporting by up to six months. The guide gives a taster of our full up-to-date country-by-country guide to DAC6.

Our next country profile focusses on France’s implementation of DAC6.

Has France implemented DAC6?

Legislation Details

France’s tax authority, Direction Générale des Finances Publiques, published DAC6 legislation, called Ordinance No. 2019-1068 du 21 octobre 2019 relative à l’échange automatique et obligatoire d’informations dans le domaine fiscal en rapport avec les dispositifs transfrontières devant faire l’objet d’une déclaration on 22 October 2019.

Taxes covered

France’s legislation covers cross-border arrangements. The legislation closely follows the EU Directive and does not include domestic arrangements or any additional hallmarks.

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Regulatory Agenda for July 2020

To help businesses keep track of updates in UK legislation and policies, VinciWorks regularly publishes a regulatory update. Since our last update in June, the government has released further information on their COVID-19 support schemes.

This edition of our regulatory agenda provides an overview of regulatory changes or new regulations recently passed, proposed, or on the agenda which are relevant to key compliance areas of VinciWorks’ clients in the UK. These include Acts of Parliament relating to COVID-19, DAC6 implementation, IR35, California Consumer Privacy Act, sanctions, gender pay gap reporting and more.

This edition of the regulatory agenda covers the following:

  • COVID-19 update – back to work guidance and government support schemes
  • EU developments
  • Bills before Parliament
  • Upcoming legislation
  • Current open consultations
  • Closed consultations
  • Key points of the Queen’s speech that are relevant to compliance
  • Bills, Directive and government initiative on the horizon

Download Regulatory Agenda