European Commission proposal to postpone DAC6 reporting (Mandatory Disclosure Rules)
On May 8th 2020 the European Commission published a proposal to postpone the filing deadline for the European Directive on Administrative Cooperation (DAC6) as a result of the challenges businesses are EU member states are facing due to the corona crisis.
Under the proposal:
- The 30 day period for reporting new cross border arrangements would be deferred from 1 July 2020 to 1 October 2020 (so that arrangements that become reportable in July, August and September need not be reported until 31 October)
- The deadline for reporting ‘historical’ cross border arrangements (arrangements of which the first implementation step occurred between 25 June 2018 and now, or occurs between now and 1 July 2020) would be deferred from 31 August 2020 to 30 November 2020.
- The date for the first exchange of information between EU member states on reportable cross-border arrangements would be extended from 31 October 2020 to 31 January 2021.
Please be aware that the deferral would have no impact on which arrangements need to be reported, it only changes when the reports need to be made.
We recommend you continue to prepare your business for DAC6 despite these proposals.
If you have any questions about DAC6 or how these proposed deferments would impact you and your business, please feel free to contact the specialists at Crowe Peak.