UK MDR Unlikely Before the End of the Year

UK MDR unlikely before the end of the year

VinciWorks understands that the UK is unlikely to introduce its own version of the Mandatory Disclosure Rules (UK MDR) before 2023.

As the government has changed and the Treasury has fully changed its Ministers, including the Financial Secretary to the Treasury who is responsible for tax policies, the official position is that the government is still reviewing the consultation responses. It is unlikely that we can expect any serious developments in relation to UK MDR in the near future.

VinciWorks is in regular discussion with HMRC and will be providing updates when we have more information.

What is MDR?

The OECD’s BEPS Action 12 is a set of principles around Mandatory Disclosure Rules. To date, the OECD has only developed model rules around Common Reporting Standards (CRS) avoidance and opaque structures. EU member states have implemented OECD’s BEPS Action 12 through DAC6. The UK announced that as part of the Brexit agreement, they would be transitioning from DAC6 to international rules and introducing their own UK MDR.

VinciWorks’ MDR reporting solution provides firms and multinational businesses with the expertise, knowledge and technical infrastructure to comply with the MDR regulations in all relevant countries. The tool uses a built-in knowledge engine to guide users through the MDR process and recommends which transactions should be reported.

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.”