Banks Face New Rules Under EU Tax Directive: UBS Executive

A tax executive for UBS AG warned that new EU disclosure rules may mean banks have to report taxpayers who shift their assets from countries that have signed up to the OECD’s automatic exchange of information requirements.

The EU directive (EU Directive 2018/822), known as DAC 6, tasks member states with implementing rules requiring intermediaries such as law firms, or in-house tax advisers, to report to authorities certain cross-border tax arrangements involving EU member states, including those that could result in a tax benefit.

• The directive could extend to transactions conducted by taxpayers who move assets out of ...