On 2 July 2020, the Commissioner for Revenue announced the deferral of the first reporting deadlines under regulation 13(7) of the Cooperation with Other Jurisdictions on Tax Matters Regulations, S.L. 123.127 by six months. The announcement has been made subsequent to the adoption of the EU Council Directive 2020/876 of 24 June 2020 amending Directive 2011/16/EU to address the urgent need to defer certain time limits for the filing and exchange of information in the field of taxation because of the COVID-19 pandemic.
The deferral is intended to provide taxpayers and intermediaries dealing with the impacts of the covid-19 pandemic with additional time to ensure that they can comply with their obligations under regulation 13(7) of the Regulations, with minimal impact on their business.
• An amending legal notice is expected to be issued in the coming weeks.
• Reporting systems in relation to reportable cross-border arrangements are expected to be made available to taxpayers and intermediaries ahead of the new, deferred deadlines.
• The Commissioner for Revenue has expressed its intention to publish guidance within the coming months to help businesses in their preparations to meet their reporting obligations.