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DAC6 optional deferral approved by the European Council

DAC6 optional deferral approved by the European Council

It is now up to each Member State to exercise its option for deferring the reporting deadlines provided for in the DAC6 Directive.

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Following the proposal put forward by the Permanent Representatives Committee ("Coreper") at the beginning of June and the favorable opinion of the European Parliament reached on the 19th, the European Council approved yesterday (24 June) an optional six-month deferral of the deadlines for reporting tax-relevant mechanisms provided for in the DAC6 Directive.

The text of the amendment to the Directive is expected to be published in the coming days in the EU Official Journal, thus completing the legislative process and is available here.

It is now up to each Member State to exercise its option for deferring the reporting deadlines provided for in the DAC6 Directive.

Note that in the specific case of Portugal, the law that will transpose the Directive was already approved by the Budget and Finance Committee of the Portuguese Parliament on the 26th of May 2020, pending the respective publication in the Official Gazette.

In view of this scenario, it is expected that the Portuguese State will exercise the option to deferral by six months the deadlines for the reporting of relevant  mechanisms under the DAC6 Directive.

© 2020 KPMG PORTUGAL – S.G.P.S., S.A., a Portuguese company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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