12 02 2021 Insights Tax

DAC6 - New Reporting of Cross-Border Transactions

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DAC6 (Council Directive 2018/822) is a new EU mandatory disclosure regime that imposes mandatory reporting of certain cross-border arrangements that could potentially be used for tax planning. The regime went “live” in Ireland on 1 January 2021 with the first reporting deadline of 31 January 2021 already having passed.

Due to the expansive definition of ‘cross-border arrangements’, DAC6 applies to a very broad range of transactions and will impact extensively on intermediaries and taxpayers. It is essential that all accountants, tax advisers, solicitors, financial advisers, in-house counsel and taxpayers familiarise themselves with their reporting obligations and adopt compliance procedures to cope with the impact of DAC6.

Click here to view the slide deck from a recent presentation by RDJ tax partners John Cuddigan and Mark Barrett.

Areas covered in this presentation include:

  • Timelines for Implementation
  • Reportable Transactions
  • Responsibility for Reporting
  • Practical issues and next steps

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