Further to our previous newsfeed on this matter, on 3 February 2021 the Cyprus Tax Department announced that the EU Directive on Administrative Cooperation, commonly known as DAC6, is expected to be transposed into domestic legislation within February 2021.
Following the above and considering that some of the reporting deadlines have expired, an extension has been provided for the following cases until 31 March 2021:
- Reportable cross-border arrangements (“arrangements”) where the first step was implemented between 25 June 2018 and 30 June 2020 (known as “historical arrangements”) and had to be submitted by 28 February 2021.
- Arrangements held between 1 July 2020 and 31 December 2020 and had to be reported by 31 January 2021.
- Arrangements held between 1 January 2021 and 28 February 2021, that had to be submitted within 30 days from the date they were made available for implementation or were ready for implementation or the first step in the implementation was made, whichever occurred first.
- Arrangements for which secondary intermediaries provided aid, assistance or advice, between 1 January 2021 and 28 February 2021 and had to submit information within 30 days beginning on the day after they provided aid, assistance or advice.