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13.05.2020 European Commission proposes deferral for certain filing deadlines under the Mandatory Disclosure Rules (DAC6)

On 8 May 2020, the European Commission proposed1 a three-month extension to the deadlines for filing and exchanging information on cross-border arrangements (DAC 6 or MDR) due to the COVID-19 pandemic.

The member companies of AFI are highly qualified consulting professionals, that strive to help investors and businesses impacted by COVID-19 situation in many different ways. Here, our members have prepared views and informed opinions on various aspects of the crisis. The article below  has been prepared by the global leader in assurance, tax, transaction and advisory services - EY.

 

On 8 May 2020, the European Commission proposed1 a three-month extension to the deadlines for filing and exchanging information on cross-border arrangements (DAC 6 or MDR) due to the COVID-19 pandemic.


Main points of the proposal include:
►• Change the date from 31 August 2020 to 30 November 2020 for the reporting of the ”historical” cross-border arrangements (i.e., arrangements that became reportable from 25 June 2018 to 30 June 2020).

►• With respect to arrangements targeted by DAC6 starting 1 July 2020, where a reportable cross-border arrangement is made available for implementation, or is ready for implementation, or where the first step in its implementation3 has been made between 1 July 2020 and 30 September 2020, the period of 30 days for filing information shall begin on 1 October 2020.

►• Change the date for the first exchange of information on reportable cross-border arrangements from 31 October 2020 to 31 January 2021.

The proposal also provides for the possibility of one further extension for filing and exchanging information for a maximum additional three months, but only where the exceptional circumstances of severe risks for public health caused by the COVID-19 pandemic persist and Member States have to implement lockdown measures.

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