The Luxembourg Tax Authorities, on 13 May 2020, issued guidance (the Guidance) addressing the European Union (EU) Directive on the mandatory disclosure and exchange of cross-border tax arrangements (referred to as DAC6 or the Directive). Under DAC6, taxpayers and intermediaries are required to report cross-border reportable arrangements from 1 July 2020. However, reports will retrospectively cover arrangements where the first step is implemented between 25 June 2018 and 1 July 2020.
On 17 February 2021, the Guidance was updated to address the impact of Brexit on the obligations under the Luxembourg implementation of DAC6 and to provide some guidance on the concept of a participant in an arrangement. In addition, the Guidance provides for further clarification with respect to marketable arrangements and to certain items related to the reporting process.
This Alert only highlights the modifications and clarifications provided by the updated version of the Guidance. The elements that are not discussed in this Alert have not been modified in the Guidance.
Source EY
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