The Government of the Republic of Cyprus has officially transposed the provisions of the EU Directive 2018/822(“known as DAC6”) and EU Directive 2020/876 into its national legal order, through the enactment of the Administrative Cooperation in the field of Taxation (Amending) Law of 2021 (L.41(I)/2021).
The Amending Law is deemed to have entered into force as from 1 January 2021 and applies retroactively to reportable cross-border arrangements concluded on or after 25 June 2018.
Reporting Deadlines
In accordance with our earlier article regarding the Additional Extension of DAC6 Reporting Deadlines in Cyprus, the deadlines under the Amending Law are in alignment with the deadlines set by DAC6, some of which have been extended as per the provisions of EU Directive 2020/876 due to the COVID-19 pandemic.
In addition, no administrative fines will be imposed for overdue submission of DAC6 information submitted by 30 June 2021 in the cases referred to in our above-captioned article.
Administrative Fines
The Tax Commissioner may impose administrative fines on intermediaries and taxpayers for non-compliance with the provisions of the Law, which range from €1,000-€20,000 according to the nature of the infringement.
This newsletter article is an update to our earlier article entitled: Additional Extension of DAC6 Reporting Deadlines in Cyprus
