On 24 June 2020 the ECOFIN approved the European Commission’s proposal to create a framework for the EU Member States to defer the initial deadlines for filing and exchanging information with regard to DAC6.
As a result:
It is important to note that this is an optional deferral. Therefore, it is up to each EU Member State to decide on the deferral and its duration with a maximum of 6 months.
Subject to the development of the COVID-19 pandemic, the optional deferral period may be extended once more by the European Commission, for a maximum of three further months.Take away
In response to the COVID-19 pandemic, the initial deadlines for filing and exchanging information with regard to DAC6 can be deferred by the EU Member States for a maximum period of six months.
However, despite this deferral period, taxpayers and their advisors must act now to have systems and processes timely in place for identifying and flagging reportable cross-border arrangements in order to avoid penalties.
Are you ready for DAC6 compliance?
The full document can be viewed here.
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