In this webcast, panelists talk about the Mandatory Disclosure Regime legislative status across the EU.
31 December 2019 was the deadline for all European Union (EU) Member States to pass legislation transposing into local law the EU Mandatory Disclosure Regime (MDR), also known as DAC6. This regime will lead to extensive reporting obligations for a relatively wide range of arrangements, and there are no minimum threshold exceptions. Taxpayers and intermediaries must implement policies, procedures, and processes to identify and capture details of transactions that they will need to disclose. With only a few months until the first reporting is due - on 1 July 2020 in jurisdictions other than Poland, companies will need to review their reporting obligations and prepare their businesses.
Under MDR, cross-border arrangements that meet certain characteristics, or Hallmarks, and where the first step of implementation is between 25 June 2018 and 30 June 2020, will have to be disclosed to the tax authorities by 31 August 2020. From 1 July 2020 onward, the reporting deadline is just 30 days of the arrangement having been made available to or implemented by the taxpayer, with penalties imposed for failing to comply. As such, an appropriate operating model needs to be designed to ensure compliance with the regime across the different jurisdictions where companies operate.
The webcast will cover:
Jeffrey M. Michalak | Global Director | International Tax and Transaction Services
Cornelia Wolff | Global International Tax and Transaction Services Technology & Transformation Leader
Claire Acard | Global International Tax and Transaction Services Quality Leader / France Tax Quality Leader
Jose Antonio (Jano) Bustos | EY BEPS desk | International Tax and Transaction Services
Rienk Kamphuis | Partner | International Tax and Transaction Services