DAC6 Cyprus: No administrative fines until 30 June 2021 - VinciWorks

DAC6 Cyprus: No administrative fines until 30 June 2021

On 26 February 2021, the Cypriot Tax Authority announced that it will be extending the timeline for administrative fines in relation to the overdue submissions of DAC6 information in Cyprus. This follows on from the announcement that there would be an extension of the submission of information until 31 March 2021.

The administrative fines in Cyprus will not be imposed on taxpayers or intermediaries as long as the following categories of DAC6 reports are made by 30 June 2021:

Original Historic Reportable Arrangements: Arrangements that were triggered for reporting from the period between 25 June 2018 and 30 June 2020.

COVID-19 Extension Reportable Arrangements: Arrangements that were triggered for reporting from 1 July 2020 to 31 December 2020.

New Arrangements: Ongoing arrangements that were triggered for reporting from 1 January 2021 to 30 May 2021.

The Cypriot Tax Authority has created a dedicated guidance page containing guidance on reporting.

VinciWorks’ DAC6 Solution offers reporting solutions for international firms for MDR regulations in many jurisdictions including Cyprus.

Get in touch with us to see how Omnitrack can help ensure you are completing your reporting requirements.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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VinciWorks CEO, VInciWorks

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How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.