Background
The secretariat of Insurance Europe has learned that following the informal consultations with the Member States and the meeting of Fiscal Attachés of 26 May, COREPER reached an agreement on a compromise text of the draft Directive to amend Directive 2011/16/EU.
DAC6 – Text of proposal for a Council Directive.pdf
The draft text would provide an option to Member States to change the date for the reporting of the “historical” cross-border arrangements (i.e. arrangements that became reportable from 25 June 2018 to 30 June 2020) from 31 August 2020 to 28 February 2021.
Should such option be exercised, Member States should also take measures to:
- Change the deadline of first exchange of information on reportable cross-border arrangements from 31 October 2020 to 30 April 2021;
- Allow for the period of 30 days for reporting cross-border arrangements to begin on 1 January 2021;
- In case of marketable arrangements, allow for the first periodic report to be made by the intermediary by 30 April 2021.
The text would also allow the Council, unanimously and on proposal of the Commission, to extend the period of deferral by another 3 months.