Dear Customer

Bank of Cyprus Public Company Limited (“the Bank”) would like to inform you that on 25 June 2018, EU Council Directive 2018/822 (commonly referred to as “DAC6”) was published in the Official Journal of the EU.

DAC6 amends EU Council Directive 2011/16/EU on administrative cooperation in the field of taxation as regards mandatory exchange of information in relation to reportable cross-border arrangements.

The full text of the DAC6 is available here .

DAC6 requires EU-based intermediaries (including the Bank) or taxpayers to disclose certain cross-border arrangements where implementation starts on or after 25 June 2018 to their domestic tax authority, who must then share the information with the tax authorities of all other EU member states.

On 26 June 2020, the new EU Council Directive 2020/876 of 24 June 2020 amending Directive 2011/16/EU to address 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 was published in the Official Journal of the EU.

The Cyprus Tax Authority has announced its intention to adopt any option to defer the DAC6 reporting deadlines:

  • reportable arrangements where implementation starts between 25 June 2018 and 30 June 2020, must be disclosed 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 disclosed by 31 January 2021.

From 1 January 2021, reportable transactions must be disclosed within 30 days of certain specified events.

If we reasonably believe that there is a reportable cross-border arrangement and that we are required by law to disclose, we will do so as part of our services.

For any further clarifications and/or information, please contact your local bank officer.

Thank you for banking with us.