DAC6 and CRS deadline extensions – Update

Yesterday, the Luxembourg Finance Ministry reported that EU Member States have agreed on a compromise proposal for a Directive introducing an optional 6-month deadline extension for reporting under the mandatory disclosure regime applicable to tax intermediaries (DAC6) and an optional 3-month deadline extension for exchanging information under the Common Reporting Standards (CRS).

The compromise proposal follows the initial proposal presented by the European Commission on 8 May 2020 amending the EU Directive on Administrative Cooperation to address the urgent need for deferring certain time limits for the filing and exchange of information in the field of taxation due to COVID-19 pandemic, which we analysed in our 13 May 2020 ATOZ Alert.