DAC6 feature update

Key in this new release is our DAC6 app. With DAC6 EU Directive rules now live and reporting applicable since 1 July 2020, companies and intermediaries are required to report certain potentially tax-aggressive cross-border arrangements to the tax authorities. Arrangements in scope will need to be reported in a timely manner to avoid penalties which can be extremely high.

Quick update to share we’ve just made Loc.tax even better, with some essential new features and improvements.

Key in this new release is our DAC6 app. With DAC6 EU Directive rules now live and reporting applicable since 1 July 2020, companies and intermediaries are required to report certain potentially tax-aggressive cross-border arrangements to the tax authorities. Arrangements in scope will need to be reported in a timely manner to avoid penalties which can be extremely high. 

Mandatory timelines are very short, and domestic implementations of the DAC6 Directive are quite different in the various EU member states. But that doesn’t mean a practical and pragmatic DAC6 solution is impossible!

Staying true to our Loc.tax mission of bringing to the tax community pragmatic and collaborative solutions, the DAC6 app that is part of the Loc.tax platform does just that, all while driving the highest levels of compliance and preparedness for your team.

So what does the Loc.tax way to DAC6 compliance look like? 

Repository of analyzed DAC6 arrangements

You can log arrangements by creating a new ticket:

Create a new arrangement

With easy to follow steps for “Information gathering”, “analysis” and “reporting status” leading to a reporting / non-reporting conclusion for each arrangement. Analysis support is provided by DAC6 country tables coming from IBFD (which include black list / white list examples). All of this is supported by a proper repository and dashboarding, which can be sliced and diced to meet the DAC6 requests of any internal and external stakeholders (like statutory auditors).

Analysis section
Reporting status section

This DAC6 app lives fully integrated in the Loc.tax platform, whereby it sources data from and feeds it back into the single source of truth. If you want to learn more, let us know.

Hans Kayaert

CEO Loc.tax