The Council of the European Union, revised Directive 2011/16/EU in considerations with the mandatory automatic exchange of data information in the area of taxation concerning reportable cross-border arrangements, known as ‘DAC6’ or Mandatory Disclosure Rules (MDR) Directive. With the new law, Intermediaries or taxpayers will be required to disclose to their tax authorities information on reportable cross-border arrangements. DAC6 applies to cross-border tax arrangements, which meet one or more specified characteristics (hallmarks), and which concern either more than one EU country or an EU country and a non-EU country. Not complying with DAC6 could mean significant sanctions under domestic law in EU countries and reputational risks for businesses, individuals and intermediaries.
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