11
May

On the 8^th May 2020 in view of unprecedented circumstances of pandemic and a number of requests from the Member States and persons liable to report information under Council Directive 2011/16/EU of 15 February 2011 (on administrative cooperation in the field of taxation) for the deferral of deadlines the European Commission put forward a proposal amending the Directive.

The proposal specifically concerns information on financial accounts as provided by Council Directive 2014/107/EU and reportable cross-border arrangements as provided by Council Directive 2018/822/EU.

The Commission proposed the following measures:

• Defer the time limit for exchanges of information on Reportable Financial Accounts by 3 months (i.e. until 31 December 2020);

• Change the date for the first exchange of information on reportable cross-border arrangements that feature in Annex IV to Council Directive 2011/16/EU from 31 October 2020 to 31 January 2021;

• Change the date for the beginning of the period of 30 days for reporting cross-border arrangements which are included in Hallmarks listed in Annex IV to Council Directive 2018/822/EU from 1 July 2020 to 1 October 2020;

• Change the date for the reporting of the ‘historical’ cross-border arrangements (i.e. arrangements that became reportable from 25 June 2018 to 30 June 2020) from 31 August 2020 to 30 November 2020.

Noting that there is a great degree of uncertainty as to when the situation stabilizes, the proposed initiative provides for the possibility of extending once the deferral period for the filing and exchange of information.

The proposal is now pending approval of the Council of the European Union and should it be adopted, the provisions will come into force on the day following that of its publication in the Official Journal of the European Union.