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Member States representatives reach compromise on deferral of MDR/DAC6 deadlines

Compromise on the deferral of MDR/DAC6 deadlines

Member State representatives reached political agreement on an optional six-month deferral of reporting deadlines under Mandatory Disclosure Rules.

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Following the EU Commission’s proposal to defer certain deadlines under the EU Mandatory Disclosure Rules (MDR), amongst others, on 3 June 2020, Member State representatives on Coreper (the Permanent Representatives Committee) reached political agreement on an optional six-month deferral of reporting deadlines under such Rules. In order for the deferral to become applicable, formal unanimous agreement in the Council of the European Union is required. In addition, an opinion is required from the European Parliament, which is expected by the end of the month. It will then be up to each Member State to opt for and communicate the deferral.

KPMG’s EU Tax Centre has prepared a detailed alert with more background on this political agreement and its implications.

Malta has transposed the MDR into Maltese law on 17 December 2019, therefore one awaits with interest the text of the compromised proposals and Malta’s position thereafter.

Should you have any queries or wish to discuss further, please send an email to covid@kpmg.com.mt.

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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