What is DAC6?
DAC6 is one of the newest EU Directives that aims to strengthen transparency on cross-border tax arrangements. DAC6 requires EU-based intermediaries (term which includes all credit institutions and in certain cases taxpayers) to file information on certain cross-border arrangements, to their domestic tax authority, who must then share the information with the respective tax authorities of all other EU member states.
When is the reporting due?
According to DAC6 and its amending Directive 2011/16/EU addressing the urgent need to defer certain time limits for the filing and exchange of information in the field of taxation because of the COVID-19 pandemic the filing deadlines have been deferred as follows:
- reportable arrangements where implementation has occurred between 25 June 2018 and 30 June 2020, must be filed by 28 February 2021; and
- reportable arrangements where the Bank provided aid, assistance of advice between 1 July 2020 and 31 December 2020, may need to be filed by 31 January 2021.
As from 1 January 2021, all reportable transactions must be filed within 30 days from when the arrangement was implemented.
What actions are we taking?
The Bank must comply with the legislation based on the information available to it. The Bank will consider any information received in carrying out its own assessment for the purposes of complying with its obligations under DAC6.
Hellenic Bank does not provide tax advice and nothing in this newsletter should be construed as such. For professional legal or tax advice specific to your own situation please contact your professional advisers.