As you may be aware, the new EU Mandatory Disclosure Rules for cross-border arrangements came into force on 25 June 2018 (through the Council Directive (EU) 2018/22 (the Directive) published on 25 May 2018. The objective of the Directive is to assist competent authorities with collecting information to allow for tax planning as the integration of national economies and markets heightens.
As a result, the Wealth and Asset Management Industry in Ireland will need to consider how these rules are impacting its operations, to identify any reporting obligations, share awareness with affected businesses internally, and potentially speak to Irish Revenue.
The weight the rules will place on setting up investment structures going forward as well as reviewing previously established investment structures is very significant.
Please reach out to us if you would like to discuss.
For additional reading, EY globally have invested in sharing insights on MDR which are also enclosed for your reference:
Global Tax Alerts: