June 4, 2021
Cyprus announces extension of the non-application of administrative fines for DAC6 submissions until 30 September 2021 and an update to the Cypriot XML schema
On 4 June 2021, the Cypriot Tax Department (CTD) issued an announcement regarding a further extension to 30 September 2021 of the non-application of administrative fines for submissions with respect to information on reportable cross-border tax arrangements under the European Union (EU) Directive on the mandatory disclosure and exchange of information (referred to as DAC6 or the Directive).
The CTD had issued an earlier announcement extending the non-imposition of administrative fines for DAC6 submissions until 30 June 2021. In its latest announcement, the CTD has now announced its intention to not impose administrative fines for submissions of information under DAC6 until 30 September 2021, for the following cases:
Update of sample XML file regarding the "associated enterprises" field
The CTD's announcement also includes information on an update of the Cypriot sample XML file with added fields for the associated enterprises of the relevant taxpayer1 and related instructions on how these fields of the XML file should be completed.
In particular, the sample XML file posted on the CTD's website has been updated with the addition of fields for the associated enterprises of the relevant taxpayer in cases where such associated person (i.e., direct shareholder of the relevant taxpayer) is either a physical person/individual, or a legal person/company, as well as where there is no such associated person to the relevant taxpayer.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Cyprus Limited, Nicosia
1 Article 7D(13)(a) of the Administrative Cooperation in the Field of Taxation Law L. 205(I)/2012, as amended.