DAC6 Update: the latest EU disclosure rules

Doug McHoney (PwC's US International Tax Services (ITS) Leader) and Maarten Maaskant (an ITS Partner and ITS Desk Leader) discuss the EU's mandatory reporting rules (EU Council Directive 2018/822, also known as 'DAC6.') Doug and Maarten cover: the background of DAC6 and how it compares to the BEPS Action Item 12 concerning country-by-country reporting; when taxpayers will need to comply with the DAC6 reporting rules; how individual countries will need to implement DAC6; the differences between a 'taxpayer' and an 'intermediary' in the context of DAC6; the responsibilities of taxpayers and intermediaries; which transactions are considered 'reportable transactions'; potential penalties for not complying with the DAC6 reporting requirements; the potential downsides for reporting transactions that may not be considered 'reportable transactions' under DAC6; and final words of wisdom for both taxpayers and intermediaries.