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In light of the disruption caused by the Covid-19 pandemic, the European Council has approved an amendment to the directive on administrative co-operation in taxation (DAC6) giving member states the option to defer by up to six months the time limits for the filing and exchange of the following information:
- automatic exchanges of information on financial accounts of which the beneficiaries are tax residents in another member state; and
reportable cross-border tax planning arrangements.
HMRC’s International Exchange of Information Manual at IEIM800010 confirms that the UK government will defer the first reporting deadlines under the International Tax Enforcement (Disclosable Arrangements) Regulations SI 2020/25 by six months.
The EU council has also reached preliminary agreement on postponing by six months the application of the VAT e-commerce package to 1 July 2021, instead of 1 January 2021.
