DAC6 update from Cyprus Tax Authorities

On 3 February 2021, the Cyprus Tax Department announced that the reporting deadlines for the submission of reportable cross-border arrangements (RCBAs) would be extended to 31 March 2021.

The Tax Department announced that DAC6 is now expected to be transposed into national legislation within the month of February (though last month the aim was to transpose it in January so this is yet another delay to a series of delays). Taking into account the ongoing delay in the local implementation of DAC6, the deadline for submitting reports has been extended to 31 March 2021 in regards to the RCBAs which fall in the following reporting periods:

• RCBAs made between 25 June 2018 and 30 June 2020 that had to be submitted by 28 February 2021
• RCBAs made between 1 July 2020 and 31 December 2020 that had to be submitted by 31 January 2021
• RCBAs made between 1 January 2021 and 28 February 2021 that had to be submitted within 30 days from the triggering event
• RCBAs made between 1 January 2021 and 28 February 2021 that had to be submitted within 30 days from the day in which aid, assistance or advice was provided in respect of secondary intermediaries

The Tax Department’s announcement is currently only available in Greek and can be found here.

An unofficial English translation prepared by our team of the announcement can be found here.

Our last bulletin on DAC6 is here.