Issue N-13-2018, 7 June 2018
On 5 June 2018, EU Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation (commonly referred to as DAC) as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (commonly referred to as DAC6) was published in the Official Journal of the EU after having been formally adopted by the Economic and Financial Affairs Council (ECOFIN) on 25 May 2018. For background and more details on DAC6 please refer to our Direct Tax Update Newsletter N-9-2018.
DAC6 will enter into force on the twentieth day following the date of its publication in the Official Journal of the EU, that is on 25 June 2018.
The first reportable cross-border arrangements will be those where the first implementation step occurs between 25 June 2018 and 1 July 2020 (1 July 2020 is the date of application of DAC6).
This information will then be required to be filed with the relevant EU Member State's competent authority by 31 August 2020 and should be communicated among EU Member States by 31 October 2020.
EU Member States, including Cyprus, must transpose DAC6 into their national laws and regulations by 31 December 2019.
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.
