The European Mandatory Disclosure Directive (DAC6) is effective since June 2018. Based on this Directive intermediaries, such tax consultants, lawyers, notary and trust officers are obliged to disclose to the tax administration information about cross border tax structures and their users. The Directive covers a wide range of structures, including business restructurings, profit repatriation and investment structures.
Notification must take place within thirty days after the arrangement is made available to the client and the reporting obligation lies with all intermediaries involved in the arrangement. The maximum penalty for non-compliance is high: up to € 830,000 per event.
Trust companies are often central in the implementation of (tax) arrangements and are likely to fall within the scope of the rules. They have to balance protecting their client's confidentiality and compliance with the law. Having proper protocols in place will limit overreporting and underreporting under DAC6.
This course aims to provide trust officers with guidance: who should report, what should be reported, what is the role of the trust officer and how can they assure proper compliance?
Mark Nieuweboer is independent tax adviser and lecturer at Leiden University. He has done extensive research into DAC6 and has trained and assisted many professional firms in the implementation of DAC6 protocols.