DAC6 tracking – Sentinel
The EU’s new mandatory disclosure regime, DAC6, imposes the obligation to report certain cross-border arrangements to a local tax authority. The regime is complex, can catch a wide range of transactions, is not sector-specific and is, of course, multi-jurisdictional in its application. Management of DAC6 continues to be a challenge for affected taxpayers and intermediaries.
Differences in local country interpretation and practice can complicate the DAC6 analysis and may produce inconsistent outcomes. Our custom-built DAC6 portal provides clients with a snapshot of transactions undertaken and their DAC6 status by location, hallmark, reporting position and, where relevant, adviser. Rather than undertaking the DAC6 analysis itself, the system allows the client to track affected transactions, the DAC6 analysis undertaken and the conclusions reached. Any inconsistencies will be readily identifiable, for further and investigation as necessary.
- Facility to upload supporting documentation and analysis.
- Bespoke user interfaces for clients to see information logged by all advisers given access to the tool.
- Ring-fenced access for advisers to upload advice/structure papers/step plans, to report on DAC6 status and to view the information they submit.
- Automated client notification when reporting is due.
- Facility for client to upload additional information, including details of transactions handled in-house.
- Data analysis to show transactions logged, number disclosable, hallmarks involved, countries concerned and advisers used.