On 30 December 2019, Finnish President approved the Law 1559/2019 for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reporting requirements for cross-border tax planning arrangements.
Under DAC6, taxpayers and intermediaries including EU-based tax consultants, banks and lawyers are required to report certain cross-border arrangements to the relevant EU member state tax authority. An arrangement is reportable if the arrangement meets the definition of a cross-border arrangement; and meets at least one of the hallmarks A-E specified in Annex IV of the Directive. The law entered into force on 1 January 2020 and applies for reportable arrangements from 1 July 2020. However, reports will retrospectively cover arrangements where the first step is implemented between 25 June 2018 and 1 July 2020.
