European Commission proposes to defer DAC2/DAC6 deadlines

Start adding items to your reading lists:
Save this item to:
This item has been saved to your reading list.

May 2020


Due to the COVID-19 pandemic, the European Commission (EC) published a proposal on May 8 for a Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC). The proposed Directive sets out deferrals of the reporting and exchanging of information deadlines for financial account information under DAC2 (EU Common Reporting Standard, or CRS) and for mandatory disclosure rules under DAC6 (‘EU MDR’). For a complete overview on DAC6, please refer to our PwC Insight.

The takeaway

The proposed deferrals merely extend the deadline for complying with DAC2 and DAC6 obligations while ensuring the eventual exchange of all reportable information. The periods to which the reportable information pertains will not change. Taxpayers and intermediaries operating in the European Union should understand the importance and impact of DAC6. Impact assessment, analysis and timely action are needed to ensure compliance on and after July 1, 2020. There are significant penalties for non-compliance.


Contact us

Doug McHoney

International Tax Services Co-Leader, PwC US

Follow us