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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Senior Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

EU Council adopts amendment Directive on deferral of DAC 6

On 24 June 2020, the EU Council adopted an amendment to the Directive on administrative cooperation in the area of taxation (DAC 6 Directive). The amendment gives member states an option to postpone, by up to six months, the time limits for the filing and exchange of: (1) the automatic exchanges of information on financial accounts of which the beneficiaries are tax residents in another member state; and (2) the reportable cross border tax planning arrangements.

The disruption caused by the COVID-19 lockdown measures to the activities of many financial institutions, tax advisors and tax authorities have delayed timely compliance with their reporting obligations. The amended DAC 6 Directive also provides the possibility, under strict conditions, for the Council to extend the deferral period once, for a maximum of three further months.

Nevertheless, all relevant information will have to be reported to and exchanged by the tax authorities with the re-scheduled deadlines.

Luxembourg has announced that, subject to the amended DAC 6 Directive being formalised, it would amend the Luxembourg law that transposed the DAC 6 Directive. The draft law is expected to be published soon (see our relevant blog post here.)

The Commission’s press release can be found here.

The amended Directive can be found here.