Further to our previous newsfeeds on this, on 29 October 2021 a Decree by the Cyprus Ministry of Finance was published in the Official Gazette of the Republic.
The Decree provides practical guidance with respect to the reporting process and gives further clarifications on the main provisions of the law. It covers issues, such as the following:
• Identifying the participants in a reportable cross-border arrangement (RCBA)
• Segregating intermediaries between promoters and secondary intermediaries
• Determining whether a person knows or could reasonably be expected to know that it was involved in a RCBA
• Application of the Main Benefit Test (MBT)
• Application of the Hallmarks
• Reporting, including information to be reported, exemptions, etc.
• The Appeal process
It is reminded that no administrative fines for overdue submission of DAC6 information will be imposed until 30 November 2021.