On 13 September 2023, the French tax authorities (FTA) revised their DAC 6 administrative guidelines in order to provide further clarification on hallmark D.1.b. This particular hallmark relates to the automatic exchange of information and beneficial ownership. Hallmark D.1.b. of the mandatory disclosure rules (MDR) refers to arrangements that involve the transfer of financial accounts or assets to, or the use of, financial institutions in jurisdictions that do not automatically exchange financial account information with the taxpayer’s country of residence.
The FTA also pointed out that such an agreement could potentially include an intermediary that the financial institution is unaware of. In such a scenario, the responsibility for reporting obligations falls on either the intermediary or the taxpayer concerned, if the intermediary is exempt from reporting.
