Changes in applying DAC6 in the context of the COVID-19 pandemic. What are the new reporting dates?

Romania adopted the 6 months extension of the reporting deadlines and of the mandatory automatic exchange of information in the field of taxation, imposed following the implementation of (EU) Directive 2018/822 (“DAC 6”) in Romania.

Considering the exceptional circumstances caused by COVID-19 pandemic, Romania joined the majority of EU member states regarding the 6-month prolongation of the reporting deadlines with tax risks.

More precisely, through the Emergency Ordinance no. 107/2020, regarding the amendment of certain provisions of Ordinance no. 5/2020, the Romanian Government decided to prolong the reporting deadlines of the reportable arrangements, as follows: the “historical” reportable cross-border arrangements, started between June 25, 2018 – June 30, 2020, will be reported by February 28th, 2021. Going forward, any reportable arrangements taking place as of July 1^st, 2020 should be reported within a 30-day deadline. This 30-day reporting deadline will become effective as of January 1^st, 2021.

Thus, relevant taxpayers, but also intermediaries, will have additional time to implement all the necessary procedures in order to ensure the compliance with the DAC6.

We recommend to all relevant taxpayer, but also to the intermediaries, to take advantage of the 6-month prolongation deadlines, in order to implement all the necessary procedures in order to ensure the compliance with DAC6. The annexed material analyzes the context of the Directive and puts into perspective the consequences of non-compliance with the reporting standards.