DAC6 constitutes one of the most notable breakthroughs in the field of automatic exchange of information in the last years. The obligations flowing from the new set of mandatory disclosure rules can be quite onerous and voluminous to intermediaries and relevant taxpayers alike. Any compliance initiative undertaken will therefore need to strike a fair balance between adherence to the rules and operational efficiency. In order to handle the potentially burdensome workload, we have created an automated solution, DAC6 Wizard, which provides for a seamless and straightforward way of assessing, logging and reporting reportable cross border arrangements. Moreover, the solution may be used to store all performed assessments and used as an evidence to illustrate compliance.
DAC6 Wizard combines unique features and provides a cost-efficient option for Cyprus based intermediaries and taxpayers that wish to combine the knowledge of their internal resources with a technology route that will operationalise DAC6 compliance. The DAC6 Wizard bears no hidden costs and is offered on an annual licence model, offering unlimited number of conversions to XML and unlimited number of users within an organisation.
We will be more than happy to discuss how EY and the DAC6 Wizard can help you in your DAC6 compliance journey.v
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