The EU Council Directive 2011/16 in relation to cross-border tax arrangements, has been in force since 25 June 2018. The said Directive, widely known as DAC6, aims at transparency and fairness in taxation. Intermediaries and taxpayers will be required to file information with their national tax authority.
DAC6 applies to cross-border tax arrangements, which meet one or more specified characteristics (hallmarks), and which concern either more than one EU country or an EU country and a third country. It mandates a reporting obligation for these tax arrangements, if in scope, no matter whether the arrangement is justified according to national law. Therefore, the Bank is required to report a transaction provided that it meets the hallmarks defined by DAC 6.
Αs of 1 January 2021, reportable transactions must be filed within 30 days from the day the arrangement was implemented.
The Bank complies with the relevant legislation and will proceed to report a cross-border arrangement if it meets the specified hallmarks.
It is emphasised that the Bank is not authorized to provide and does not provide tax advice.