LexGo

Law on deferral of DAC 6, CRS and FATCA deadlines voted!
23/07/2020

On 22 July 2020, the Luxembourg Parliament approved Bill No. 7625 (the “Law”) implementing Council Directive (EU) 2020/876 adopted on 24 June 2020 giving EU Member States the option to defer the deadlines for automatic exchanges of information under Directive 2014/107/EU (so called “DAC2”/CRS) and for filing and exchanging information on reportable cross-border arrangements under Directive 2018/822/EU (so called “DAC6”). The Law also defers reporting deadlines under the Foreign Account and Tax Compliance Act (so called “FATCA”).

No material modifications were made to the initially proposed text of the Law during the legislative process (in this respect, please refer to our previous Covid-19 related news. 

Regarding new DAC6 deadlines

Please find below an overview of the DAC6 timetable taking into account the deferrals introduced by the Law.

REPORTING BY INTERMEDIARIES OR TAXPAYERS

WHEN WHAT WHO
Before 28 February 2021 Reportable cross-border arrangements the first step of which was implemented between 25 June 2018 and 30 June 2020

•Promoters 

•Service providers 

•Taxpayers (as the case maybe)

30 days as from 1 January 2021 Reportable cross-border arrangements whose earliest Events* occurs between 1 July 2020 and 31 December 2020

•Promoters 

•Taxpayers (as the case maybe)

30 days as from the earliest Triggering Events** Reportable cross-border arrangements whose earliest Events* will occur after 31 December 2020

•Promoters 

•Taxpayers (as the case maybe)

30 days as from 1 January 2021 Reportable cross-border arrangements whose aid, assistance or advice is provided between 1 July 2020 and 31 December 2020

•Service Providers

30 days as from the day after aid/ assistance/advice has been provided Reportable cross-border arrangements whose aid, assistance or advice will be provided after 31 December 2020

•Service Providers

Before 30 April 2021 First quarterly reporting of marketable arrangements

•Promoters 

•Service providers 

NOTIFICATION BY EXEMPT INTERMEDIARIES

 

WHEN WHAT
10 days as from 1 January 2021 Reportable cross-border arrangements whose earliest Events* occur between 1 July 2020 and 31 December 2020
10 days as from the earliest Triggering Events** Reportable cross-border arrangements whose earliest Events* will occur after 31 December 2020

 

* Means the day when (i) the reportable cross-border arrangements are made available for implementation or (ii) the reportable cross-border arrangements are ready for implementation, or (iii) the first step in the implementation of the reportable cross-border arrangements occurred.

** Means (i) the day after the reportable arrangement is made available for implementation or (ii) the day after the reportable arrangement is ready for implementation or (iii) the day when the first step in the implementation of the reportable arrangement has been made.

Regarding new FATCA/CRS deadlines

The Law extends the deadlines for Luxembourg financial institutions to provide the Luxembourg tax authorities with information on “reportable financial accounts” in relation to the tax year 2019 to 30 September 2020 (instead of 30 June 2020).

 

Voir aussi : Elvinger Hoss Prussen

[+ http://www.elvingerhoss.lu]


Click here to see the ad(s)
Tous les articles Fiscalité directe des entreprises

Derniers articles Fiscalité directe des entreprises

Impôt minimum mondial : un bref état des lieux des dernières avancées
25/11/2021

 L’intégration des économies et des marchés nationaux a connu une accélérati...

Read more

New taxonomy-related disclosures RTS published
27/10/2021

Despite the delay to Level II1 announced by the European Commission (“EC”) at the beginning of the summer...

New taxonomy-related disclosures RTS published Read more

Sustainable Finance update (asset management): Final Report on SFDR RTS regarding taxonomy-relate...
26/10/2021

On 22 October 2021, the European Supervisory Authorities or ESAs (EBA, EIOPA and ESMA)  presented the European Commis...

Sustainable Finance update (asset management): Final Report on SFDR RTS regarding taxonomy-related disclosures Read more

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the Eur...
22/10/2021

Recently, an Advocate General’s opinion (the “Opinion”) on Finnish CJEU case C-342/20 (the “Case&r...

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal Read more

LexGO Network