On 4 June 2020, the Luxembourg Ministry of Finance (MOF) has published a statement extending the reporting deadline of EU directive on reporting requirements for certain cross-border transactions (DAC6) amid COVID-19 pandemic.
On 3 June 2020, EU member states the option (not the obligation) to apply a deferral of 6 months for the reportable cross-border arrangements under DAC6. The following day, the Luxembourg government has announced its intention to postpone DAC6 reporting by 6 months and indicated that a draft law would be introduced to transpose this deferral into Luxembourg law.
European Council has opted to apply amendments to DAC6 reporting deadlines as follows:
- The beginning of the 30-day period for reportable cross-border arrangements will likely be extended from 1 July 2020 to 1 January 2021;
- Reporting of historical cross-border arrangements implemented between 25 June 2018 and 30 June 2020 will likely be extended from 31 August 2020 to 28 February 2021; and
- The first exchange of information from Luxembourg to other EU member states on reportable cross-border arrangements will likely be extended from 31 October 2020 to 30 April 2021.
