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New EU Directive known as DAC 6 involving cross border sharing of tax information Image

New EU Directive known as DAC 6 involving cross border sharing of tax information

March 18, 2021

 

Over 100 countries have signed up to Common Reporting Standards involving the automatic exchange of financial information.

 

Tax havens including Panama have been forced by the international community to commit to the agreement.

 

It would be fair to say that no stone has been left unturned in the global fight against tax evasion. We are now starting to see tax authorities making full use of the information available by matching tax return declarations against offshore financial information available under CRS – leading to tax investigations.

 

And when we thought we had seen it all along comes a New EU Directive known as DAC6 which comes into force in January 2021 on a restrospective basis effective 25th June 2018.  It is designed to strengthen tax transparency and fight against aggressive tax planning. DAC6 has already been passed into UK law. The UK intends to meet its obligations Post BREXIT.

 

Cross border tax planning is becoming an increasingly complex affair.

 

Getting it wrong can have serious consequences for your financial health. Its important you engage the services of a tax specialist in Spain.  Speak to one of our financial and tax planning experts in Spain about how to legitimately minimise your tax burden.

 

More on how we can help you with your tax planning find here: https://www.financialplanningspain.com/what-we-do/our-services/tax-planning