How to successfully manage operational challenges arising from DAC6/MDR
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DAC6 is a new directive that affects any EU intermediaries, for example the banks, regardless of whether they are companies or individuals, who create, market, manage or are informed about cross-border arrangements. DAC6 is already live (since June 2018) and the first reporting is due mid-2020. Non-compliance will result in significant penalties.
This tax directive impacts intermediaries' processes and ways of working. DAC6 should require team training and the implementation of new systems and software solution so that information can be collected and reported effectively. To further complicate matters from a business and technical point of view, the local rules and the formats of the reporting are different in various countries. One thing is for sure, it is already time for financial institutions to prepare what is needed to implement DAC6, and to collect the relevant data.
Over the course of a 45-minute presentation, our tax reporting solution experts address the following key topics:
Partner, Financial Services Tax KPMG