EU – DAC 6 update

On 17 of June the EU Parliament voted – the last procedural hurdle for formal adoption by the ECOFIN Council in the next few days – regarding an option for E.U. Member States (including UK for these purposes) to defer the reporting deadlines for DAC6 by up to six months. The relevant details are as follows:

The individual Member States have the option to apply the following revised reporting deadlines if they wish to do so.

  • Change the date for the reporting of the ‘historical’ cross-border arrangements (i.e. arrangements that became reportable from 25 June 2018 to 30 June 2020) from 31 August 2020 to 28 February 2021
  • Change the date for the beginning of the period of 30 days for reporting cross-border arrangements which are included in Hallmarks listed in Annex IV to Council Directive 2018/822/EU from 1 July 2020 to 1 January 2021; (Where a reportable cross-border arrangement is made available for implementation, or is ready for implementation, or where the first step in its implementation has been made between 1 July 2020 and 31 December 2020, or where intermediaries referred to in the second paragraph of point 21 of Article 3 provided, directly or by means of other persons, aid, assistance or advice between 1 July 2020 and 31 December 2020, the period of 30 days for filing information laid down in paragraphs 1 and 7 of Article 8ab shall begin by 1 January 2021.)
  • Change the date for the first exchange of information between Member States on reportable cross-border arrangements from 31 October 2020 to 30 April 2021;
  • There is a possibility of an additional three month extension but only if there is unanimous agreement by the Member Sates.

Each Member State will determine in the coming weeks whether to apply the reporting deferrals or not (e.g. Belgium, Luxembourg and Sweden have already indicated that they will implement the deferral dates in their DAC6 regulations).

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