Further to our
on this matter, on 18 March 2021 the Cyprus Parliament voted into law (the “Law”)
the provisions of the EU Directive on Administrative Cooperation, commonly
known as DAC6.
It is reminded that
the Law has retrospective application as from 25 June 2018. The reporting
deadlines are in line with those set by DAC6, as extended in order to cope with
the effects of the COVID-19 pandemic. Furthermore, the Cyprus Tax Department announced
recently that there will be no imposition of administrative fines for overdue
submission of DAC6 information that will be submitted until 30 June 2021 related
to certain cases, which are analysed in our previous newsfeed.
Penalties for non-compliance vary depending on the infringement, with a maximum of €20.000 per arrangement.