Tax expert Christian Schmid, Partner, International Tax at KPMG in Munich, welcomed a group of AmCham Germany members and provided them with in-depth information on how to comply with the 6th Directive on Administrative Cooperation (DAC6), adopted in Germany on December 30, 2019, mandatory as of July 1, 2020.
The new regulations aim to create more transparency for financial administrations and to avoid harmful structures for Member States ahead of time. As of July, information on certain cross-border tax arrangements must be reported to tax authorities if they meet certain criteria, the so-called ‘hallmarks’.
For companies, on the other hand, they entail extensive reporting obligations. Involved companies need to adapt processes to comply with the new regulations in order to avoid significant penalty payments. Hence, Christian Schmid provided comprehensive advice on “How do companies best integrate the new requirements into existing tax compliance management-systems?” which led to a lively discussion between him and the audience. The exchange was continued during a networking buffet in relaxed atmosphere.
