DAC 6 - Changes to reporting where professional secrecy applies

Interesting to note the intended practical approach by Luxembourg to seek to address tensions between compliance with DAC 6 reporting obligations in circumstances where professional secrecy rules may apply. 

It remains to be seen whether similar or other approaches may be followed by authorities in other jurisdictions (including Gibraltar) either statutorily or in terms of practical application. 

On a wider note, it highlights the potential nuanced application of Directives and other international requirements that can allow scope for arbitrage and advantage. 

As a nimble and forward-thinking jurisdiction, Gibraltar remains well-positioned to adapt to the ever-changing tax landscape and to seek out accommodation and opportunities where possible and appropriate.