The latest developments that matter, reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Brexit: UK’s DAC 6 rules scaled back
There is very little tax content in the EU/UK Trade and Co-operation Agreement (the TCA) but it is significant that the parties have committed to good tax governance and OECD/BEPS standards rather than EU standards. So the main area of interest is how the UK’s tax rules may now begin to deviate from EU rules. Already one tangible benefit of the TCA is that it has enabled the UK to narrow significantly the scope of DAC6 (the EU’s mandatory disclosure of reportable cross border arrangement rules).
The UK is now free to follow the OECD’s global transparency standards instead of the EU’s DAC6 rules. As the UK already has disclosure rules on which a number of the OECD’s transparency standards were based ...
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The latest developments that matter, reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Brexit: UK’s DAC 6 rules scaled back
There is very little tax content in the EU/UK Trade and Co-operation Agreement (the TCA) but it is significant that the parties have committed to good tax governance and OECD/BEPS standards rather than EU standards. So the main area of interest is how the UK’s tax rules may now begin to deviate from EU rules. Already one tangible benefit of the TCA is that it has enabled the UK to narrow significantly the scope of DAC6 (the EU’s mandatory disclosure of reportable cross border arrangement rules).
The UK is now free to follow the OECD’s global transparency standards instead of the EU’s DAC6 rules. As the UK already has disclosure rules on which a number of the OECD’s transparency standards were based ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
