The House of Representatives passed earlier this month a law amending the Cypriot Law on Administrative Cooperation in the Field of Taxation, implementing the EU Directive on the mandatory disclosure and exchange of information on reportable cross-border arrangements (referred to as DAC6).

It is expected that the new law will be published in the official Government Gazette soon and it will come into effect retroactively as from 1 January 2021. However, disclosure captures reportable cross-border arrangements made on or after 25 June 2018. In addition, a Ministerial Decree is expected to be issued which will provide clarity over the interpretation of key terms and provisions of the Law.

In general, the Law is aligned to the minimum standards set by the Directive with minor deviations. A more detailed Alert on the final provisions of the Law will follow as the final text of the Law is not yet publicly available.