ARTICLE · 07 JUNE 2021

Cyprus Law To Implement Mandatory Disclosure Rules (DAC6) Enters Into Force

Ernst & Young Cyprus Ltd

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On 31 March 2021, the law (Ν. 41(Ι)/2021, the 'Law') amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012) entered into force.

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Stavros Karamitros

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Executive summary

On 31 March 2021, the law (Ν. 41(Ι)/2021, the 'Law') amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012) entered into force. The Law transposed the European Union (EU) Directive

(referred to as 'DAC6' or 'the Directive').

The Law entered into effect as of 1 January 2021. However, it will have a retrospective effect for reportable cross-border arrangements concluded on or

after 25 June 2018 provided that one of the prerequisite triggering events is met.

The final Cypriot Mandatory Disclosure Rules ('MDR') legislation is broadly aligned with the requirements of the Directive with minor deviations, as highlighted below.

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