DAC6: the reporting deadlines to be shifted

Pepeliaev Group advises that the deadlines for submitting reports under the EU directive DAC6 are planned to be shifted.

Early in May 2020 the European Commission submitted for negotiation with the European Parliament and the Economic and Financial Affairs Council the draft changes to the sixth package of amendments to the European Directive on administrative cooperation in the field of taxation (also known as DAC6) as regards the extension of the deadlines for submitting reports within the framework of the procedures established by the directive.

The draft changes provide as follows:

• The deadline for the mandatory filing by intermediaries (taxpayers’ advisers) or by taxpayers themselves of information about cross-border transactions/operations/structures is to be shifted from 1 July 2020 to 1 October 2020;
• The deadline for the mandatory filing by intermediaries or by taxpayers themselves of information about cross-border transactions/operations/structures performed and/or implemented between 25 June 2018 and 30 June 2020 is to be shifted from 1 August 2020 to 1 November 2020;
• The deadline for the mandatory filing of information/reports regarding transactions/operations/structures the development or implementation of which commenced in the period between 1 July 2020 and 30 September 2020 is to be shifted to 30 October 2020;
• The deadline for the first mandatory exchange between EU member states of information about the transactions/structures to be disclosed under the directive DAC6 is to be shifted from 31 October 2020 to 31 January 2021.

In turn, the shifting of the deadlines does not apply to the date that was previously set (25 June 2018) from which the implemented transactions/operations/structures become subject to Directive DAC6. Moreover, the changes do not apply to the significant fines for violating the requirements of Directive DAC6, including for non-compliance with the reporting deadlines. Please note that most EU member states have already implemented Directive DAC6 in their national legislation.

Help from your adviser

The Pepeliaev Group team in conjunction with its EU colleagues advises on the application of the provisions of Directive DAC6 to business structures operating in the EU.