On 31 January 2022, the Cyprus Tax Department (CTD) finally brought the regime providing for the mandatory reporting of reportable cross border arrangements (RCBAs), known as DAC6, into force in Cyprus. Up until this point, various transitional provisions and safe-harbours had been in place to soften the introduction of the regime.

Intermediaries, such as tax advisors, law firms, accountancy firms and administrative service providers (to name but a few) must now comply with their obligation to disclose all legacy RCBAs subject to DAC6 in Cyprus. Failure to report may incur potentially heavy administrative fines on the part of defaulting. To learn more about the legislation click here.

Harneys can help

Combining our DAC6 legal expertise with our innovative mindset, we developed the DAC6 Toolkit, to assist intermediaries and taxpayers, with businesses in the EU, to understand and comply with their obligation to disclose reportable cross-border arrangements to EU tax authorities.

Our bespoke online DAC6 Toolkit helps intermediaries and taxpayers easily assess whether a transaction is a "reportable cross-border arrangement" under the EU's DAC6 legislation. If reportable, the toolkit generates a structured output designed to provide jurisdiction-specific data to local tax authorities in the format they require.

To learn more about our DAC6 Toolkit click here.

If you would like to request a demo of the product and learn more about how we can work together please contact us here.

If you would like to speak to a lawyer about your DAC6 reporting obligations in Cyprus or if you need assistance with an assessment please contact any of the listed authors.