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Tax 101: Is Crypto Growing Up?

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Tax 101: Is Crypto Growing Up?

Crypto assets are rarely out of the news these days, and the last months have been no exception. The well-publicized troubles of the FTX exchange have made crypto headline news again. Depending on one’s point of view, The FTX bankruptcy will underscore everything that some people think about the subject matter. Some will say the FTX bankruptcy is exactly what was to be expected and confirms the view that crypto assets are some sort of Ponzi scheme. Others will say this serves to justify the need for much greater regulation. And still others will point to the rise in the power of the exchanges, bemoaning that crypto was created to avoid powerful monopolies. Nonetheless, crypto and its technology are here to stay in the financial world. In his Tax 101 article, Gary Ashford, a Tax Partner (non-lawyer) of attorneys Harbottle & Lewis LLP, London, explains that (i) regulation of exchanges and service providers and (ii) taxation on a global basis are in the works. Will they effectively bring normalcy to a “wild west” asset? Readers should stay tuned.

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European Union’s New Reporting Obligations for Tax Intermediaries: Key Features of the Belgian Administrative Guidance – D.A.C.6

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European Union’s New Reporting Obligations for Tax Intermediaries: Key Features of the Belgian Administrative Guidance – D.A.C.6

In their article entitled “European Union’s New Reporting Obligations for tax Intermediaries: Key Features of the Belgian Administrative Guidance – D.A.C.6,” Werner Heyvaert and Vicky Sheikh Mohammad of AKD Benelux Lawyers, Belgium, address key features of the Belgian administrative guidance and the list of Frequently Asked Questions recently published by the Belgian Revenue Service.

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Implementation of the Mandatory Disclosure Directive in the Netherlands – D.A.C.6

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Implementation of the Mandatory Disclosure Directive in the Netherlands – D.A.C.6

In his Article entitled “Implementation of the Mandatory Disclosure Directive in the Netherlands – D.A.C.6,” Paul Kraan of Van Campen Liem in Amsterdam, zooms in on a number of aspects and features of D.A.C.6 that are addressed in the Guideline, noting that there may be differences in interpretation between the various Member States with respect to the same provisions of the directive. Some are generic, others focus on specific Categories of Hallmarks such as B, C and E and the main benefit test. The article serves as a guide through a maze of troubling issues for which firm answers may not exist at this time.

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The Implementation of the D.A.C.6 E.U. Directive in Germany

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The Implementation of the D.A.C.6 E.U. Directive in Germany

Because German tax authorities have not yet published the final version of the administrative, commentary by German tax advisers have filled the gap pointing out open issues for which guidance should be provided. In their article for Insights entitled “The Implementation of the D.A.C.6 E.U. Directive in Germany,” Petra Eckl and Felix Schill of GSK Stockmann in Frankfurt, address the relevant issues, including covered taxes, tax arrangements, cross-border element, intermediary, hallmarks, main benefit test, and privilege.

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D.A.C.6 Implementation in Luxembourg – Risk of Multiple Reporting Obligations

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D.A.C.6 Implementation in Luxembourg – Risk of Multiple Reporting Obligations

In their article entitled “D.A.C.6 Implementation in Luxembourg – Risk of Multiple Reporting Obligations Exists,” Sonia Belkhiri and Jiar Al-Zawity of Wilson Associates, International Lawyers, Luxembourg, discuss official guidance to date and caution of the likelihood that exists for double counting reporting mechanisms. Their view is that the limited clarification within the commentaries to the draft law in Luxembourg and the State Council opinion have not been followed by the Luxembourg Government. Practical guidance from the Luxembourg tax authority has not been sufficient.

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D.A.C.6 – The Italian Way

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D.A.C.6 – The Italian Way

In their article entitled “D.A.C.6 – The Italian Way,” Fabio Chiarenza and @Carmen Adele Pisani of Gianni & Origoni, Rome, address the Italian rules implementing D.A.C.6. In comparison to advisers in other Member States who point out the areas in which guidance is sorely missed, the authors are able to take a deep dive into already issued Italian guidance, giving examples of how the guidance works in real life.

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French Administrative Pronouncements on D.A.C.6

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French Administrative Pronouncements on D.A.C.6

In their article entitled “French Administrative Pronouncements on D.A.C.6,” Mallory Labarriere and Anne-Lise Chagneau of Nexa Avocats, Paris, have prepared the ultimate guide to D.A.C.6 rules in France.

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Update on Spanish Mandatory Disclosure Regime – D.A.C.6

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Update on Spanish Mandatory Disclosure Regime – D.A.C.6

In their article entitled “Update on Spanish Mandatory Disclosure Regime – D.A.C.6,” José María Cusi, Juan Roda Moreno, and Cristina Rodríguez Lluch of CHR Legal, Barcelona, explain the problems encountered when Spanish law adopts D.A.C.6 terms that have no legal meaning in Spain, and do so without definition.

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D.A.C.6 in Ireland – Key Features of the Administrative Guidance

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D.A.C.6 in Ireland – Key Features of the Administrative Guidance

In his article entitled “D.A.C.6 in Ireland – Key Features of the Administrative Guidance,” Martin Phelan of Simmons & Simmons, Dublin, addresses the rules that apply to “cross-border arrangements” that will be reportable if one or more relevant “Hallmarks” are applicable. His F.A.Q.’s allow the reader to focus easily on the most important issues and answers.

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D.A.C.6 Implementation in Cyprus

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D.A.C.6 Implementation in Cyprus

In her article entitled “D.A.C.6 Implementation in Cyprus,” Nairy Merheje, of Der Arakelian-Merheje LLC in Nicosia, explains how Cyprus intends to overcome these challenges so that the Cyprus government can target and capture potentially aggressive tax planning arrangements resulting in tax base erosion of one or more E.U. Member States.

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U.K. Mandatory Disclosure Regime (DAC6)

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U.K. Mandatory Disclosure Regime (DAC6)

DAC6, adopted by the European Commission and enacted into law in the U.K., imposes a mandatory obligation on intermediaries, or individual or corporate taxpayers, to make disclosures to H.M.R.C. of certain cross-border arrangements and structures that could be used to avoid or evade tax. It also provides for automatic exchanges of information among E.U. Member States. Intermediaries know a cross-border arrangement is reportable when it meets certain hallmarks. In his article, Gary Ashford, a non-lawyer partner of Harbottle & Lewis, London, explains in plain English all the key terms and obligations. The European Commission has proposed that Member States defer the start date for reporting, however, the U.K. Government has not made any public announcement. This article is timely for those who are intermediaries in a reportable transaction.

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