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On 18 March 2021 the Cyprus Parliament approved the Bill (“Law”) amending the Law on Administrative Cooperation in the Field of Taxation (Law 205(I)/2012), 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”).

Once the Law is published in the Government Gazette of the Republic of Cyprus, it will be in force and will have a retroactive effect, capturing reportable cross-border arrangements made on or after 25 June 2018.