UK government has published written responses received from stakeholders on the proposed mandatory disclosure rules (MDR).
The rules require taxpayers and advisers to report information to the tax authorities on certain prescribed arrangements and structures which could facilitate tax evasion. Tax authorities in implementing jurisdictions will then share this information with the tax authorities in other implementing jurisdictions where the taxpayer is resident.
Many of the responses received provided general comments on the draft regulations and the approach set out in the consultation document, before responding to specific questions raised in the consultation.
The regulations implementing MDR is likely to come into force in the first half of 2023. The rules are intended to replace similar EU rules, known as DAC6, which were implemented in the UK prior to EU Exit through the International Tax Enforcement (Disclosable Arrangements) Regulations 2020.
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