Sharon Baynham (KPMG) explains how the new reporting rules differ from DAC 6 and what action tax professionals should be taking.
On 28 March 2023 regulations came into effect transposing OECD mandatory disclosure rules into UK law. At the same time the existing rules implementing DAC 6 (or EU MDR) in the UK were revoked. In this article I examine how the new rules differ from DAC 6 and what action tax professionals should take.
A brief history of international MDR
In 2018 the OECD published its model mandatory disclosure rules for CRS avoidance and opaque offshore structures (OECD MDR). These rules described a framework designed to provide tax administrations with information regarding certain arrangements which could limit their visibility of assets held by taxpayers in other jurisdictions and which might therefore provide opportunities for offshore tax evasion. The primary reporting responsibility would rest with intermediaries;...
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Sharon Baynham (KPMG) explains how the new reporting rules differ from DAC 6 and what action tax professionals should be taking.
On 28 March 2023 regulations came into effect transposing OECD mandatory disclosure rules into UK law. At the same time the existing rules implementing DAC 6 (or EU MDR) in the UK were revoked. In this article I examine how the new rules differ from DAC 6 and what action tax professionals should take.
A brief history of international MDR
In 2018 the OECD published its model mandatory disclosure rules for CRS avoidance and opaque offshore structures (OECD MDR). These rules described a framework designed to provide tax administrations with information regarding certain arrangements which could limit their visibility of assets held by taxpayers in other jurisdictions and which might therefore provide opportunities for offshore tax evasion. The primary reporting responsibility would rest with intermediaries;...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
