DAC6 Legislation Voted by Cyprus Parliament

Further to our previous newsfeeds 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.

View all news