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.
