The EU Council today adopted an amending directive giving EU member states the option to delay by six months the time for filing and exchanging information to meet mandatory disclosure requirements for intermediaries and other taxpayers under the Directive on Administrative Cooperation (DAC6).
A political agreement had been reached on this point by Member State representatives on June 3. The delay was deemed necessary on account of disruptions created by the COVID-19 pandemic.
The Council also agreed to a six-month delay for automatic exchange of information on financial accounts whose beneficiaries are tax resident in another Member State. The change will allow States to extend reporting financial institutions’ deadlines for filing the information with the State.
Depending on the course of the pandemic, the amended directive also provides the possibility, under strict conditions, for the Council to extend the deferral period once, for a maximum of three more months.
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