The EU Commission is proposing to defer certain deadlines under Mandatory Disclosure Rules and CRS and delay the entry of the VAT e-commerce package.
As noted in the press release of 8 May 2020, the European Commission is proposing to defer by three months certain deadlines for filing and exchanging information under the Directive on Administrative Cooperation (Council Directive 2011/16/EU, also known as “DAC”). The initiative comes in the form of a Directive amending the DAC and proposes the following:
The EC also proposes a possibility to further extend the deferral period once, for a maximum of three additional months. It is proposed that this option would only be invoked if during the initial period of deferral, the exceptional circumstances of severe risks for public health caused by the COVID-19 pandemic persist and the EU Member States are forced to implement lockdown measures.
Unanimous agreement among EU Member States is required in order for the EC’s proposal to be adopted and enter into force. EU Member State representatives are expected to discuss the proposal on Monday, 11 May 2020.
The EC also proposes a delay of the entry into application of the value added tax (VAT) e-commerce package by six months—that is, the rules would apply as of 1 July 2021 instead of 1 January 2021.
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