Amendment of the Directive on Administrative Cooperation (DAC6):
EBF advisor: Roger Kaiser
Publication date: 6 July 2018
The EBF supports the Commission’s agenda to enhance tax transparency within the EU with the aim to tackle tax abuse and distortions in the internal market. In this respect, European banks are committed to the implementation of the automatic exchange of financial account information. However, the EBF is concerned by the recent Directive amending the Directive on Administrative Cooperation, referred to as “DAC6”, which imposes mandatory disclosures on tax intermediaries and tax advisers. DAC6 provides for a very broad definition of Intermediaries. The EBF shares Commissioner Moscovici’s view that financial institutions which only provide the service of maintaining a bank account for a customer should not qualify as an intermediary under the DAC6.