The Minister of Finance has issued a Decree providing guidance on key provisions of the Law on Administrative Cooperation in the Field of Taxation, implementing Council Directives (EU) 2018/822 of 25 May 2018 and 2020/876 of 24 June 2020 on the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (“DAC6”). The Decree was issued after the Cyprus Tax Authority had already issued an announcement extending the deadline for submission of DAC6 reports without any penalties to the end of 30 November 2021.
EU Mandatory Disclosure Regime