DAC 6 – EU Mandatory Disclosure Regime

What is DAC 6?
Council Directive (EU) 2018/822 (the “Directive” and “DAC 6”) imposes a new obligation on EU based “intermediaries” (as well as taxpayers in certain circumstances) to report on certain “cross-border arrangements” containing features which are considered to be indicative of potential aggressive tax planning. The intermediaries must report details of the arrangements to their local tax authorities which in turn are obliged to exchange the information with all other EU tax authorities.

The scope of the regime is wide and will require intermediaries to implement new processes and procedures to assess the transactions on which they act, advise or assist and be in a position to report on an ongoing basis.

On 24 June 2020 the Council of the European Union adopted an amendment to the Directive allowing EU member states an option to defer the time limits for DAC 6 reporting by up to 6 months as a result of the COVID-19 pandemic. Irish Revenue confirmed on 26 June 2020 that Ireland would be exercising the deferral (see below for revised reporting deadlines).

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IRELAND
Aisling BurkePartnerT +353 1 470 6642aisling.burke@walkersglobal.com
Jonathan SheehanPartnerT +353 1 470 6639jonathan.sheehan@walkersglobal.com
Eimear BurbridgeOf CounselT +353 1 470 6627eimear.burbridge@walkersglobal.com
Niamh PenderAssociateT +353 1 470 6624niamh.pender@walkersglobal.com

LONDON
Angela RobertsonGeneral Counsel, Chief Risk and Compliance OfficerT +44 (0)203 880 4914angela.robertson@walkersglobal.com