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