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What have we learned from this first 15 months of mandatory disclosure reporting?
The EU Mandatory Disclosure Reporting directive was implemented in 2018 and applies to all reportable cross-border arrangements implemented after 25 June 2018. The first reporting was due to commence in July 2020 but due to delays arising from the Covid-19 Pandemic, reporting was deferred in most EU Member States until January 2021.
The Directive sets out various Hallmarks defining different types of cross-border arrangements which are reportable by intermediaries and Taxpayers to the tax authorities. Across the EU, Individual tax authorities have interpreted these rules in sometimes varying ways.