DAC6: Cyprus Tax Department changes deadline for submission of documents

DAC6: Cyprus Tax Department changes deadline for submission of documents

The Tax Department of the Republic of Cyprus announced the extension of the period for imposing administrative penalties for late submission of information in accordance with EU Directive 2018/822 (“known as DAC6”). The revised DAC6 filing deadline has been set at 30 November 2021 for the following reportable cross-border arrangements:

• Held between June 25, 2018 and June 30, 2020 and must be submitted by February 28, 2021.
• Held between 1 July 2020 and 31 December 2020 and must be submitted by 31 January 2021.
• Held in the period from January 1, 2021 to October 31, 2021, which were to be submitted within 30 days from the date when they were available for sale or were ready for implementation, or the first step in implementation was taken, depending on whether what happened before.
• For which secondary intermediaries provided assistance, assistance or advice between January 1, 2021 and October 31, 2021, and were required to provide information within 30 days, commencing on the day following the date they provided assistance, assistance or advice.
• The first periodic report on market agreements, which was due by April 30, 2021.

The Tax Department clarified that there will be no administrative penalties for late submission of information related to DAC6, which will be submitted by November 30, 2021 in the above cases.

The above is for informative purposes only.  Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.