Imposition of Administrative Fines Related to Late DAC6 Reporting

As reported recently, the Cyprus Tax Department granted an extension to some of the reporting deadlines related to the EU Directive on Administrative Cooperation, commonly known as DAC6.

Further to that, on 26 February 2021 the Tax Department announced that there will be no imposition of administrative fines for overdue submission of DAC6 information that will be submitted until the 30 June 2021, related to the following cases of reportable cross-border arrangements:

  •  arrangements made between 25 June 2018 and 30 June 2020, which had to be reported by 28 February 2021;

  • arrangements made between 1 July 2020 and 31 December 2020, which had to be reported by 31 January 2021;

  • arrangements made/to be made between 1 January 2021 and 30 May 2021, which are reportable 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 provide/d aid, assistance or advice, between 1 January 2021 and 30 May 2021 and need/ed to                submit information within 30 days beginning on the day after they provided aid, assistance or advice.
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