New obligations regarding information on cross-border transactions

Date of an article 12 July 2018 r.

New obligations regarding information on cross-border transactions

On June 5th, 2018, Council Directive (EU) 2018/822 of May 25th, 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements, was published. In connection with the above, the Polish Ministry of Finance presented the communiqué in this regard.

The directive introduces an obligation to provide information on the so-called cross-border arrangements for which the first transaction was carried out between June 25th, 2018 and July 1st,  2020 (date of application of the Directive).

Cross-border arrangements are cross-border schemes that may result in a risk of tax avoidance.

The provisions of the Directive should be implemented into national legal orders by December 31st, 2019.

The implementation of the Directive will result in the introduction into the Polish law system of regulations requiring reporting of information on tax schemes. This obligation will be imposed on the
so-called intermediaries – i.a. tax advisers, advocates, legal advisers, employees of financial institutions – who have contact with a creation of tax schemes in their professional practice.
In the opinion of the Ministry of Finance, as an intermediary can also be considered, among others:

  • entity supporting a taxpayer,
  • statutory auditor,
  • notary,
  • persons providing bookkeeping services,
  • investment advisers,
  • bank or other financial institutions and employees of such entities.

The Directive contains provisions on a possibility of exempting an intermediary from the obligation to provide information on cross-border arrangements in a situation in which this would lead to a breach of legal professional privilege of secrecy.

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