27 May
Blogposts

Understanding how the major UK and European banks are implementing the latest regulations and assisting clients

Industry solutions for the latest regulatory and operational tax challenges for banks Benchmark preparedness for DAC 6, and stay ahead of developments in European Transaction Taxes, Withholding Tax, Making Tax Digital and more. Why attend? Tackle DAC6 implementation in the UK - Keep pace with UK adoption of DAC6 and hear updates from HMRC's policy work - Benchmark preparations and experiences against a number of leading banks Streamline processes and operations within your firm - Debate the integration of compliance into the traditional tax function - Explore the use of technology solutions and systems in operational taxes Stay ahead of tax developments in the UK and EU - Update on transaction taxes in France and Spain - Withholding taxes developments under the new German Investment Tax Act, and impact after Brexit

In the lights of pandemics this event has been held as an online-only event, thus unfortunately without physical booths and physical contact opportunities.
Recordings of all online sessions can be watched here: https://tinyurl.com/mr4av4jt

Chairperson’s Opening Remarks by Peter Grant, Partner at KPMG UK
In the last year the volume of operational tax developments and changes that is still taking place has really been stunning.

Some of many very hot topics have been:

  • DAC 6 coming into force in 27 jurisdictions, very nearly 28, across Europe
  • OECD MDR (mandatory disclosure rules) is starting to pick up in the UK, South Africa, the Channel Islands, Mexico and so on
  • Two more DACs on the way – DAC 7 and DAC 8
  • DAC 7 relating to platform providers (“the Amazon reporting”)
  • DAC 8 looking at the ways to enhance and develop further the Common Reporting Standard (CRS), particularly around crypto currency and e-money
  • Over 200 changes relating to CRS and FATCA in the last months
  • TRACE in Finland. Other proposals start to emerge to develop across the Nordic countries
  • Germany plans to introduce a similar but different regime to TRACE
  • New FTT in Spain coming into force
  • Continue push from the portuguese presidency of the European Commission, looking to implement any EU FTT
  • Well over 300 DTT changes across various jurisdictions
  • Technology continue to increase in the way there is a huge impact to tax, whether it is blockchain and AI or discussions around digital tax forms
  • Tax authorities making use of data in a more intelligent way improving the way they use data analysis, asking banks even more difficult questions
  • We are moving closer to real time reporting
  • 1446(f) rules impacting IRS QIs starting to come as well
  • Brexit is continuing to impact us in many ways, not least in the way we think about cross-border WHT and tax reliefs

The following online sessions have been held:
HMRC Update on DAC 6 and Mandatory Disclosure Rules, by James Marshall from HMRC
Financial Transactions Tax Implications Roundup, by Mark Huyan, Executive Director Tax at JP Morgan in London
– speaking about Spanish Financial Transactions Tax

FATCA – Preparing for IRS Information Requests Regarding Missing US TINs, by Tom Howgate, Director at Deloitte – FATCA & CRS, QI and DAC6
Withholding Tax Update and Potential Post-brexit Impact, by Gohar Kahn, Tax Partner at KPMG
– a very insightful overview of Withholding Tax treatment internationally and within EU

TRACE – Implementation Update & Industry News, a panel discussion chaired by Peter Grant, Partner at KPMG UK and attended by
Katja Pussila, Risk Manager at Finnish Tax Administration
Rupert Brandstetter, Product Manager at SDS
Paul Radcliffe, Partner at EY

DAC 6 Post-Brexit – Practical Considerations, a panel discussion chaired by Peter Grant, Partner at KPMG UK and attended by
Ali Kazimi, Managing Director of Hansuke Consulting
Daniel Dzenkowski, Tax Director at PwC
Jenny Turner, Technical Lead for UBS in DAC 6 implementation in Europe
Dominic Green, Director Operational Taxes at EY

The Corporate  Criminal Offence – Where are we now?, presented by Nabeel Osman, Senior Lawyer ESG Tax & Legal at PwC UK

Close-up of the conference by Chairperson Peter Grant

Many thanks to all participants, delegates and panellists for their contribution to the success of this event. Big thanks also to sponsors who enabled this conference.
Emphasized again the volume and variety of the changes that is keeping and obviously will be keeping the industry busy in the years to come.
Looking forward to the next event where the community will be again able to exchange views on new changes and further developments in operational taxes and hopefully next time at an on-site venue.

Recordings of all online sessions can be watched here: https://tinyurl.com/mr4av4jt

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Hrvoje Kajzer
Senior Sales Manager