Do you ask yourself what your company’s obligations are according to DAC6 newly implemented provisions in Romania? Do you know that 31 August 2020 was the first deadline for reporting certain cross-border transactions in the European Union (EU), as per DAC6 provisions?
Or have you even heard of DAC6? Well, just to make sure that everyone knows what this is, DAC6 is the short term referring to the European Directive that requires taxpayers or any intermediaries (companies or individuals) to report certain cross-border transactions for tax purposes.
More precisely, it is the EU Council Directive 2011/16 which regulates certain cross-border tax arrangements within the EU. It is known also by the short name DAC6, and is in force as of 25 June 2018. In short, the main purpose of DAC6 is to secure transparency and fairness in taxation across the European Union member states through the reporting of certain types of cross-border transactions by EU taxpayers.
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