As part of its commitment to keep all clients up-to-date with the latest information, ISOLAS LLP has produced a concise guide to DAC 6, following new regulations which came into effect on 1 July 2020, which transposes DAC 6 into Gibraltar law.
DAC 6 (Directive 2018/822) is the latest EU mandatory disclosure regime that imposes mandatory reporting of cross-border arrangements. The directive aims to improve the level of transparency surrounding possible loopholes and harmful tax practices.
The directive is a significant change impacting intermediaries, which could include, amongst others, tax advisors, service providers, banks, fiduciaries and lawyers.
ISOLAS' taxation experts have complied a detailed explanation on DAC 6, as well as defining key terms and structures related to the directive, and an explanation of what steps must be taken to ensure compliance and good governance related to the rules.
Emma Lejeune, ISOLAS partner said: "Significant policy shifts around reporting in taxation can be difficult to process for many, and the team at ISOLAS wants to help people process the information effectively.
"The overwhelming majority of people want to comply with rule changes, and with this guide we hope to help people get to grips with the basics of the rules, empowering them to make informed decisions on what steps they should take next."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.