The European Council on the 24th of June approved the optional 6 months postpone of DAC6 related to the Exchange of Tax Information between European Countries, in the view of Coronavirus crisis.
In respect of the above, it is expected that the Cyprus Tax Department will proceed with the optional amendment of the draft legislation on DAC6 and postpone the reporting deadlines for 6 months.
Deferrals voted are related to various reporting deadlines as follow:
Extension from 31 October 2020 to 30 April 2021, of first exchange of information between European Member States on reportable cross-border arrangements
Extension from 31 October 2020 to 30 April 2021, of the date for the first periodic report for marketable reportable cross-border arrangements by intermediaries
Extension from 31 August 2020 to 28 February 2021, of the date for the reporting of the ‘historical’ reportable cross-border arrangements (i.e. arrangements in the period from 25 June 2018 to 30 June 2020) by intermediaries or taxpayers
Extension from 1 July 2020 to 30 January 2021, of the date for the beginning of the period of 30 days for reporting on reportable cross border arrangements by intermediaries (or taxpayers).
**Globalserve Consultants Ltd is a licensed corporate provider in Cyprus specializing in company registration, banking and accounting in Cyprus. Visit our website to find more information in our services and register to receive our newsletters and tax alert. You can read our GDPR policy