The Mandatory Disclosure Requirements (MDR) or DAC6 directive for intermediaries and relevant taxpayers will apply as of 1 July 2020 and with retroactive effect. Yet, not all EU Member States have transposed the new reporting rules into domestic law and many are still to publish detailed implementation guidelines. The European Commission has proposed a deferral of the reporting timeline, which is in discussion with and subject to unanimous approval by EU member states. On Friday 26 June, Member State representatives on Coreper (the Permanent Representatives Committee) reached political agreement on an optional six-month deferral of reporting deadlines under the EU Mandatory Disclosure Rules (MDR). In order for the deferral to become applicable, formal unanimous agreement in the Council of the European Union is required. Once the deferral is approved, each EU country will have to clarify how it will apply the deferral.
You can access KPMG’s Tax Alert on these recent developments here.
During this webcast we explored the evolving landscape of DAC6. With particular relevance for financial services businesses, divergence in interpretation, and potentially in reporting timelines, across jurisdictions will create many challenges for multinational organizations that have an extensive European footprint and are trying to navigate the MDR maze. In this uncertain environment, it is vital that local implementation of the rules and reporting deadlines continues to be actively monitored by potentially impacted groups
Presenters included: Mark Semple, Tax Partner, KPMG in the UK, Raluca Enache, Director, KPMG’s EU Tax Center, Heiko Podeyn, Head of FS Tax, KPMG in Germany and other relevant KPMG specialists from KPMG member firms in Europe.