Legal Notice 315 enacts the deferral by 6 months of the first reporting date of cross-border arrangements under the Mandatory Disclosure Rules (DAC 6).
The Legal Notice (No. 315) that enacts the deferment by 6 months of the first reporting deadlines of cross-border arrangements under the Mandatory Disclosure Rules (DAC 6) has been published on 31 July 2020. The publication of the LN follows the announcement made by the Revenue on 2 July of the same deferral and transposes the extensions granted by Directive (EU) 2020/876 which has been adopted in June following the European Council’s agreement on the postponement of such deadlines. The extensions will provide taxpayers and intermediaries dealing with the impacts of the COVID-19 pandemic with additional time to ensure that they can comply with their obligations under the said Regulations.
More technically, LN 315 amends the Cooperation with Other Jurisdiction on Tax Matters Regulations, SL 123.127 as follows:
In light of the above, the first automatic exchange of information by the Maltese tax authorities to the competent authorities of all other EU Member States has been extended to 30 April 2021 (formerly 31 October 2020).
Earlier in June, the Commissioner for Revenue announced that it intends to publish guidance within the coming months to help businesses in their preparations to meet their Mandatory Disclosure reporting obligations. We will keep you updated with such developments.
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