DAC6 Filing Deadlines: Cyprus opts for 6-month deferral

The new Council Directive (EU) 2020/876 was published in the Official Journal of the European Union on the 26th June 2020 (the “new Directive”) and entered into force the day after of the publication.

DAC6 is the EU Directive relating to the mandatory exchange of information in the field of taxation in relation to cross-border arrangements.

Latest filing deadlines & Announcement of the Cyprus Tax Authorities (“CBA”)

Based on the new Directive, each EU Member State is permitted, on an optional basis, to postpone DAC6 deadlines as follows:

  • for filing reportable cross-border arrangements (RCBAs) the first step of which was implemented between 25th June 2018 and 30th June 2020 – the filing deadline is by the 28th February 2021.
  • for filing RCBAs where the triggering event for the reporting took place between 1st July 2020 and 31st December 2020, the period of 30 days for filing information will commence on the 1st January 2021.
  • for filing marketable RCBAs the first periodic report for filing marketable RCBAs will be made by the intermediary by the 30th April 2021 and
  • the first automatic exchange of information between EU Member States, may be delayed but will take place no later than the 30th April 2021.

Additionally, this new Directive gives the possibility to Member States to postpone the deadlines for a further period of 3 months in the event that lockdown measures due to the pandemic need to be implemented.

DAC6 filing deadlines announcement by the Cypriot Tax Authorities (“CTA”) & Guidelines

The CTA announced on the 27th July 2020 that it has opted to defer the DAC6 filing deadlines as per the new Directive, the deadlines which are set out further herein above.

Further guidance on the implementation of DAC6 and the mode of filing will be communicated in the nearest future.