New international disclosure regulations based on the OECD’s mandatory disclosure rules (MDR) came into force in the UK on 28 March 2023. While it is tempting to view the UK’s implementation of OECD MDR as a seamless transition from its implementation of the EU DAC 6 regime, there are some differences, notably in scope, the professional association nexus criteria and some compliance matters. The new regulations catch pre-existing arrangements from 25 June 2018, which must be reported by 25 September 2023. The new regulations present a number of practical implications for tax professionals, and they give an opportunity to review existing governance.
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New international disclosure regulations based on the OECD’s mandatory disclosure rules (MDR) came into force in the UK on 28 March 2023. While it is tempting to view the UK’s implementation of OECD MDR as a seamless transition from its implementation of the EU DAC 6 regime, there are some differences, notably in scope, the professional association nexus criteria and some compliance matters. The new regulations catch pre-existing arrangements from 25 June 2018, which must be reported by 25 September 2023. The new regulations present a number of practical implications for tax professionals, and they give an opportunity to review existing governance.
If you are not a subscriber, subscribe now to read this content.
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