DAC6 EU directive: reporting deadline for cross-border transactions expires in Cyprus
At the end of January 2022, the reporting deadline expired in Cyprus for cross-border transactions concluded between June 25, 2018 and December 31, 2021. According to the requirements of the sixth amendment to the EU Directive on Administrative Cooperation (DAC6), starting from January 1, 2022, businesses in Cyprus are required to report on international transactions within 30 days.
DAC6 applies to any business that carries out cross-border transactions involving at least one of the EU countries. Cyprus was the last EU country to implement DAC6 into national legislation.
"In this situation, it is important to note that DAC6 Directive has retroactive application. This means that the law has retroactive effect, and the starting point will be directly on June 25, 2018. Failure to comply with the reporting disclosure requirements threatens businesses with significant fines, up to 20,000 euros," notes George Tsamourlidis, Head of Tax Practice of FinExpertiza Cyprus.
FinExpertiza Global specialists are ready to advise you in detail on all issues related to compliance with DAC6 requirements and doing business in the EU.