ARTICLE · 15 MAY 2019

Mandatory Disclosure Rules: Five Key Questions For Banks

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The Mandatory Disclosure Rules (MDR) Directive is one of the EU's latest initiatives aimed at increasing tax transparency and exchange of information in tax matters.

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Jean Kizito

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The Mandatory Disclosure Rules (MDR) Directive is one of the EU's latest initiatives aimed at increasing tax transparency and exchange of information in tax matters. The MDR will in practice apply to many intermediaries (including banks) and their taxpayers involved in cross-border activities. Below are the five essential questions about the MDR that banks should address.

1. What are the key dates?

The Directive will have to be transposed by all Member States by 31 December 2019 and will generally be applicable as from 1 July 2020. However, a retroactive application is foreseen, based on which intermediaries (or taxpayers) will have to report information on cross-border arrangements implemented between 25 June 2018 and 1 July 2020. This information will have to be reported by 31 August 2020.

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