ARTICLE · 13 APRIL 2021

The Introduction Of New DAC 7 Regime– What Is Changing?

Ernst & Young Cyprus Ltd

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As part of the new tax package on fair and simple taxation, in July of 2020 the European Commission proposed the amendment of the EU Council Directive 2011/16 on Administrative Cooperation...

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Ioanna Drousioti

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As part of the new tax package on fair and simple taxation, in July of 2020 the European Commission proposed the amendment of the EU Council Directive 2011/16 on Administrative Cooperation in the field of taxation in the EU for the sixth time (DAC 7). The initial proposal has been subject to a number of amendments introduced by the EU Council and EU Parliament before it was finally approved on 22 March 2021.

It is now expected that the (revised) legislation will be officially published into the EU Journal after which Member States will have to transpose its provisions by 31 December 2022 and apply the new rules from January 2023 onwards. Different deadlines apply for joint audit provisions.

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