DAC 1 – Automatic Exchange of Categories of Income and Assets

Overview:

DAC 1 provides for the legal framework and structure for the secure automatic exchange of certain tax related information annually between Member States. The first automatic exchange of information (“AEOI”) took place under DAC 1 on 30 June 2015. The information that is exchanged under DAC 1, consists of data that is held by the tax authority, and which relates to the following categories of income and capital:

• income from employment,
• directors' fees,
• certain life insurance products,
• pensions,
• ownership of and income from immovable property, and
• royalties (as included by DAC 7 with effect from 1 January 2025).
• Non-custodial dividend income (as included by DAC 8 with effect from 1 January 2026)
  

Legislation:

The first Directive on Administrative Cooperation (DAC 1) came into force, via publication of  EU Council Directive 2011/16/EU. It was put into effect in local legislation as from 1 January 2015, by virtue of S.L. 123.127 entitled the Cooperation with Other Jurisdictions on Tax Matters (Amendment) Regulations.