As you may be aware, on 13 March of this year, EU finance ministers reached political agreement on mandatory disclosure rules for intermediaries and taxpayers.
Many financial services companies including banks, insurers, asset managers, brokers, agents, third party administrators and servicers are likely, based on the language within the proposed Directive, to be within the scope of the Directive and hence required to report to their tax authorities on a wide range of transactions.
We expect the publication of the final text in the EU Official Journal (OJ) in the coming month or two. Member States will then have until 31 December 2019 to implement the new rules, which will apply as of 1 July 2020. Although it might appear that this deadline gives you enough time to prepare for the new rules it is important to understand that where the first step of a reportable arrangement is implemented between the date when the Directive enters into force (20 days after its publication in the OJ) and 1 July 2020, then that arrangement must be reported before 31 August 2020. Hence those within scope of the Directive will need to have systems and processes in place to start tracking reportable arrangements as early as June 2018.
Against this backdrop, KPMG’s Global Financial Services Tax practice in conjunction with our EU Tax Centre is delighted to invite you to join us for a live webcast on the new EU mandatory disclosure rules for intermediaries and what this could mean for your business. Key issues to be discussed will include: