Taxing times: The implication of DAC 6 on financial services
The EU Directive DAC 6 means that firms operating in the EU will need to notify tax authorities of certain cross-border arrangements. Jason Collins and Catherine Robins look at the implications this will have on firms.
An important EU Directive, known as DAC 6, will mean that financial services firms operating in the EU will be obliged to notify the tax authorities of certain cross-border arrangements.
While nominally targeted at potentially aggressive tax avoidance schemes, DAC 6 could even catch arrangements that do not result in a tax advantage or where the advantage is entirely consistent with the tax policy of the country concerned. A far cry from the aggressive tax planning apparently in scope.