Reporting Obligations for Cross-Border Transactions

As a financial service provider, you may have to deal with cross-border transactions. Directive DAC6 and the addition DAC7 aim to combat international tax avoidance and therefore impose requirements on you as a financial service provider. DAC8 relates to fiscal transparency for all service providers that facilitate transactions in crypto assets for clients based in the European Union. Do you want to be well prepared for these regulations and the reporting obligation in a short time? Then follow NIBE-SVV's online training course.

Target Group

DAC6, -7 and -8 apply to all intermediaries. This includes tax advisers, lawyers, accountants, and employees of accounting firms, notaries, financial advisers, KYC analysts and employees at banks, insurers and trust companies.

Purpose and design 

Cross-border transactions may involve business with multinationals, but also SMEs and individuals. Examples include financing for business assets, a company takeover, the purchase of real estate, planning advice to a wealthy individual, a loan to a family member, avoiding inheritance and gift tax and so on. These too could just happen to trigger a reporting obligation for you or your employer under DAC6. Are you aware of possible tax avoidance schemes in these and other areas? Then you are obliged to report it within 30 days and according to the guidelines of DAC6/Mandatory Disclosure Rules. With the addition of DAC7, the EU is introducing new regulations to increase tax transparency in the digital economy. Thus, digital platforms are also required to identify, track and report revenue from sellers on their platforms. DAC 8 relates to fiscal transparency for all service providers that facilitate transactions in crypto assets for clients based in the European Union. These rules are an addition to the regulation on markets in crypto assets and anti-money laundering rules. So it is important to be and stay up to date with the regulations on international tax structures.