The DAC Recast - Delivering Meaningful Tax Simplification
The EU's 'DAC Recast' directive aims to streamline tax information exchange between member states, but critics argue it fails to provide meaningful simplification. The proposal incorporates controversial elements, such as shell company definitions, that have previously failed to gain consensus among EU nations.
Why it matters
Tax transparency directives significantly impact multinational corporate compliance and the regulatory landscape for businesses operating within the European Union.
The Directive on Administrative Cooperation ("DAC") is a series of directives setting out a comprehensive programme for the exchange of tax-related information between EU Member States.
The Directive on Administrative Cooperation (" DAC ") is a series of directives setting out a comprehensive programme for the exchange of tax-related information between EU Member States. The type of information that must be exchanged under the DACs varies from financial account information, to information in respect of transactions effected on online platforms, to information in relation to tax rulings issued by tax authorities of EU Member States, to country-by-country reporting information.
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