European Union: Update on Mandatory Disclosure requirements
EU Member States were required to implement the European Union's new Mandatory Disclosure requirements, often referred to as DAC6, by 31 December 2019. According to the legislation, the rules must take effect by 1 July 2020.
Once in force, DAC6 regulations will require intermediaries and other relevant taxpayers to disclose information on reportable cross-border arrangements that took place between 25 June 2018 and 1 July 2020. The law also states that all disclosures must be made within 30 days of implementation.