In brief

On 4 June 2021 the Cyprus Tax Authority (CTA) issued an announcement extending  further the deadline for submission of DAC6 reports without any penalties to the end of 30  September 2021 (the "announcement").

For background, please refer to our Tax Update Newsletter N-9-2021.

In detail

Deadline for submission of DAC6 reports without penalties

The announcement states that no penalties will be imposed for all filings submitted by the end of  30 September 2021 in respect of arrangements with a triggering event between 25 June 2018 and  31 August 2021.

Arrangements with a triggering event from 1 September 2021 onwards need to be reported within  30 days from the relevant triggering event.

The takeaway

Although no penalties should arise for filings submitted by the end of 30 September 2021,  taxpayers and intermediaries need to monitor their historic (from 25 June 2018) as well as on[1]going cross border arrangements. It is prudent to commence the analysis immediately, tracking  and collecting information on potentially reportable arrangements in order to ensure effective  compliance with the Cyprus DAC6 transposition law.

PwC has dedicated teams and has developed tools to support you in meeting your obligations  under DAC6.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.