On 24 June 2020, the Council
of the European Union announced that it has passed amendments to the Directive
on administrative cooperation in the field of taxation. According to these
amendments, the EU Member States are entitled to postpone the term for
submission of information on the cross-border schemes for 6 months.
Amendments were passed because, due to COVID-19, the financial and tax
authorities, and tax advisers did not have an opportunity to prepare for the implementation
of the Directive.
Based on the Directive
amendments, the legislator has accepted Cabinet Regulations “Amendments to
Cabinet Regulations No. 210 of 14 April 2020 “Regulations On Automatic
Information Exchange on Reportable Cross-Border Schemes”, which are in force as
of 18 July 2020.
The
above amendments of the Cabinet Regulations provide:
- To extend the term for six months:
1)
The term (i.e., changing from 31 August 2020 to
28 February 2021) for submission of reports on the reportable cross-border
schemes made available for implementation, are ready for implementation or the
first phase of their implementation has started in the period from 25 June 2018
to 30 June 2020.
2)
The term from which the 30-day reporting period
is calculated for those reportable cross-border schemes made available for
implementation, are ready for implementation or the first phase of their
implementation has started in the period from 1 July 2020 to 31 December 2020;
3)
The term (i.e., changing from 30 October 2020
to 30 April 2021) until which the State Revenue Service performs the first
automatic information exchange on reportable cross-border schemes with the
competent authorities of other countries;
- Provides that in the case of tradable schemes
the first periodical reporting term is 30 April 2021.
Should you
require any assistance in relation to the planned changes, please contact
Leinonen tax advisers.
