The European Commission proposal of 8 May 2020 for a new directive amending Directive 2011/16 / EU aims to postpone certain deadlines for reporting and exchanging information on tax matters due to the crisis related to COVID-19. Negotiations in the Council have progressed rapidly in recent weeks and a compromise has been reached which will offer Member States the possibility to postpone the deadlines for reporting information referred to in Article 8 (3) for 3 months. 6, letter b), of Directive 2011/16 / EU, as introduced by Directive 2014/107 / EU (commonly known as “DAC 2” “), regarding the data for the year 2019, as well as extending by 6 months the deadlines for the communication and exchange of information set out in Directive 2018/822 / EU (commonly known as “DAC 6”).
Provided that the Council formally approves this proposal, the amended directive in question will be published in the coming weeks in the Official Journal of the European Union. On this basis and following notification to the coordinating body of the multilateral convention on mutual administrative assistance in tax matters (MCAA), governments will present a bill as soon as possible to make the necessary changes corresponding to the law on common reporting Standard (CRS). At the same time, the bill in question will also introduce an extension of the deadline for the transmission of information by 3 months to the amended law of 24 July 2015 relating to FATCA. Until the entry into force of these legislative adjustments, the penalties for late transmission of the information provided for by the three laws mentioned above will not be applied.