The Tax Department of Cyprus announced on 22 November 2021 that there will be no imposition of administrative fines with respect to the submission of information on reportable cross-border arrangements under DAC6 until 31 January 2022. The extension is applicable to all reportable cross-border arrangements between 25 June 2018 and 31 December 2021.
It is noted that reportable cross-border arrangements as from 1 January 2022 must be reported within 30 days from the day after:
- the arrangement is made available for implementation to the relevant taxpayer; or,
- the arrangement is ready for implementation by the relevant taxpayer; or,
- the day that the first step of the arrangement has been implemented; or,
- the day that aid, assistance or advice has been provided with respect to a reportable arrangement.
For further information on DAC6 please contact our Tax Department or your usual contact at Elias Neocleous & Co. LLC.