The Cyprus Tax Department has recently announced that the EU Council Directive 2018/822, commonly known as DAC6, is expected to be transposed into domestic legislation within February 2021.
In this respect, an extension has been provided until 31 March 2021, for the following cases:
- Reportable cross-border arrangements that were implemented between 25 June 2018 and 30 June 2020 and had to be submitted by 28 February 2021;
- Reportable cross-border arrangements held between 1 July 2020 and 31 December 2020 and had to be submitted by 31 January 2021;
- Reportable cross-border arrangements held between 1 January 2021 and 28 February 2021, that had to be submitted within 30 days from the date they were made available for implementation or were ready for implementation or the first step in the implementation was made, whichever occurred first;
- Reportable cross-border arrangements for which secondary intermediaries provided aid, assistance or advice, between 1 January 2021 and 28 February 2021 and had to submit information within 30 days beginning on the day after they provided aid, assistance or advice.
At Royal Pine & Associates we can assist you ensure compliance with DAC6 and help you evaluate whether your planned or already implemented arrangements need to be reported.
Drawing attention to our clientele, Royal Pine & Associates will conduct a preliminary review in order to determine whether any cross-border arrangements, which may need to be reported under the DAC6 provisions, have been executed by our clients since 25 June 2018.
The author of the article is Vasilia Efstathiou.
Vasilia is a junior legal consultant at Royal Pine & Associates. She is a holder of an LL.B from Birmingham City University, an LL.M from Queen Mary University of London and the LPC.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render legal advice.