New reporting requirements under the the EU Mandatory Disclosure Act

On July 1st, 2020, the EU Mandatory Disclosure Act came into force, which implements the EU Directive 2018/882/EU (also known as “DAC 6”). It stipulates a mandatory reporting obligation for cross-border arrangements that meet the “hallmarks” defined in the act and involve a risk of tax avoidance, circumvention of the automatic exchange of information or a risk of prevention of identification of the beneficial owner.

The details of the regulations raise many questions. Nevertheless, infringements may result in a fine of up to EUR 50,000. Therefore, we strongly recommend that you identify reportable transactions quickly and report them in good time. The report to the BMF via FinanzOnline can be made by “intermediaries” (in particular professional advisers such as lawyers, tax advisors or auditors), or, on a subsidiary basis, by the relevant taxpayers themselves.

Our expert Theresa Haglmüller will be happy to answer any further questions you may have by phone or at akut@hnp.at.

 

Disclaimer

This article provides only general information and does not replace legal advice. Haslinger / Nagele Rechtsanwälte GmbH assumes no liability for the content and correctness of this contribution.

 

1. September 2020

 

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