UK Eases Proposed Penalties For EU Tax Transparency Law

Law360 (January 13, 2020, 8:03 PM EST) -- The U.K. has relaxed the penalty regime in an amended draft of regulations to implement a European Union anti-avoidance law that requires tax preparers to disclose specific cross-border transactions to the government, HM Revenue & Customs said Monday.

The proposed rules have been modified so that daily penalties will only be charged for “serious failings” to comply with the newest amendment to the EU’s Directive on Administrative Cooperation, or DAC, according to HMRC. Referred to as DAC6, the newest amendment requires tax preparers to inform authorities of certain cross-border tax arrangements if they contain certain hallmarks, which are broken down into...

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