Publication of the official guidelines for the implementation of DAC6 in Cyprus

On the 29th October 2021, the Ministry of Finance published in the Official Government Gazette the relevant Decree based on article 22Z on Administrative Cooperation in the Sector of Taxation Amending Law of 2021 (Κ.Δ.Π. 438/2021) (the “Decree”) governing the local implementation and regulation of matters pertaining to reportable cross-border arrangements based on the European Union Directive on the mandatory disclosure and exchange of information (“DAC6”) that was transposed into national law earlier this year.

According to the latest announcement by the Tax Department, there will be no administrative fines for overdue submission of information until the 30th of November 2021.

Please contact a member of our tax team or your usual contact at Elias Neocleous & Co. LLC for further assistance.