EU Commission proposes deferment of filing deadlines under DAC
The Commission has published a proposal for the deferment of certain deadlines for filing and exchanging information under the Directive on Administrative Cooperation (DAC).
The proposed Directive proposes changes to certain time limits for filing and exchanging information under Council Directive 2011/16/EU, more specifically concerning information on financial accounts as provided by Council Directive 2014/107/EU and reportable cross-border arrangements as provided by Council Directive 2018/822/EU.
In summary the Commission’s proposal is for:
- a deferment of the time limit for exchanges of information on Reportable Financial Accounts by 3 months, i.e. until 31 December 2020;
- a change to the date for the first exchange of information on reportable cross-border arrangements that feature in Annex IV to Council Directive 2011/16/EU from 31 October 2020 to 31 January 2021;
- a change to the date for the beginning of the period of 30 days for reporting cross-border arrangements which are included in Hallmarks listed in Annex IV to Council Directive 2018/822/EU from 1 July 2020 to 1 October 2020;
- a change to the date for the reporting of the ‘historical’ cross-border arrangements (i.e. arrangements that became reportable from 25 June 2018 to 30 June 2020) from 31 August 2020 to 30 November 2020.
Furthermore, considering the current uncertainty regarding the evolution of the COVID-19 pandemic, the proposal provides for the possibility of extending the deferral period for the filing and exchange of information.