Doug McHoney (PwC's US International Tax Services (ITS) Leader) and Maarten Maaskant (an ITS Partner and ITS Desk Leader) discuss the EU's mandatory reporting rules (EU Council Directive 2018/822, also known as 'DAC6.') Doug and Maarten cover: the background of DAC6 and how it compares to the BEPS Action Item 12 concerning country-by-country reporting; when taxpayers will need to comply with the DAC6 reporting rules; how individual countries will need to implement DAC6; the differences between a 'taxpayer' and an 'intermediary' in the context of DAC6; the responsibilities of taxpayers and intermediaries; which transactions are considered 'reportable transactions'; potential penalties for not complying with the DAC6 reporting requirements; the potential downsides for reporting transactions that may not be considered 'reportable transactions' under DAC6; and final words of wisdom for both taxpayers and intermediaries.