According to the DAC6 rules, all financial providers and advisers must, in certain cases, report information about these products and transactions to the local tax authorities. This also applies to us as a bank.

Why has the EU introduced the DAC6 rules?

The purpose of the new rules is to create transparency and provide tax authorities across the EU with insight into how products and transactions are legitimately used and made across borders.

In that way, the EU tax authorities can cooperate on optimising tax legislation, enabling them to obtain a more fair legislation across the EU and counter unwanted tax planning.

When does Danske Bank need to report information to the tax authorities?

We need to report information about cross-border products and transactions to the tax authorities if they meet one or more criteria indicating that their purpose is to obtain a tax advantage. For instance, this can be the case for cross-border transactions relating to dividend payments, restructurings or transfers of assets made to obtain a tax advantage.

We need to provide the tax authorities with information about the products and transactions in question as well as information about the persons and businesses using them, for instance CPR or CVR number.