Cyprus Tax Department, on November 22nd of 2021 informed the public that there will be an extension of the imposition of administrative fines for overdue submission of information with regards to the DAC6 Directive. Based on the announcement of the Tax Department the submission of disclosing information has been extended to 31st January of 2022.
a) Reportable cross-border arrangements that have been made between 25 June 2018 and 30 June 2020 and had to be submitted by 28 February 2021.
(b) Reportable cross-border arrangements that had been made between 1 July 2020 and 31 December 2020 and had to be submitted by 31 January 2021.
(c) Reportable cross-border arrangements made between 1 January 2021 and 1 January 2022, 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 has been made, whichever occurred first.
(d) Reportable cross-border arrangements for which secondary intermediaries provided aid, assistance or advice, between 1 January 2021 and 1 January 2022 and had to submit information within 30 days beginning on the day after they provided aid, assistance or advice.
(e) The periodic reports for marketable arrangements.
The relevant penalties are substantial and the fine to intermediaries for failure to submit information vary from €10.000 to €20.000. Furthermore, there are fines for the overdue submission of information which range from €1.000 to €5.000 for late submission up to 90 days from the relevant deadline, and €5.000 to €20.000 for late submission that is over 90 days from the deadline.
Globalserve Consultants Ltd can assist you with the above and also undertake the reporting procedure according to the regulation.
Clients are requested to contact us the soonest if they are interested for the service in order to be able to proceed with the planning and avoid any fines.