Regulatory

Blog

Regulatory

The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

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
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • 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
Matt Taber
Matt Taber
  • Matt Taber

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

  • Group General Counsel
  • Cayman Islands

Cyprus extends DAC6 deadline

On 3 June 2021, the Cyprus Tax Department (CTD) announced that there will be no imposition of administrative fines for overdue submissions of DAC6 information up until 30th September 2021.

Aki Corsoni-Husain

DAC 6 Implemented into Cypriot Law

On 31 March 2021 Cyprus brought into force the Law on Administrative Cooperation in the Field of Taxation 2021 (AC21 Law) consequently transposing the Council Directive EU 2018/822 known as DAC 6. The AC21 Law operates as an amendment to the Law on Administrative Cooperation in the Field of Taxation 2012 and brings Cyprus up to date in the field of mandatory disclosure obligations under EU Law.

Aki Corsoni-Husain

The 6th Directive on Administrative Cooperation (DAC 6) on cross-border reportable arrangements

EU Council Directive (EU) 2018/822 (DAC 6) requires the mandatory reporting, principally by intermediaries but ultimately by taxpayers, of reportable cross border arrangements and the subsequent automatic exchange of information in relation to those arrangements between EU governments. The ostensible policy objective is to identify arrangements that indicate aggressive tax planning at an earlier stage than normal domestic tax reporting.

Andrew Knight

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. 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.

Andrew Knight

Luxembourg passed law implementing DAC 6

On 25 March 2020, the Luxembourg Parliament passed the law implementing the EU Council Directive (EU) 2018/822 (DAC 6) on the mandatory reporting, principally by intermediaries but ultimately by taxpayers, of reportable cross border arrangements and the subsequent automatic exchange of information in relation to those arrangements between EU governments.

Andrew Knight