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Romania: New Deadline for Reporting Cross-border Transactions under DAC6 Rules

Romania: New Deadline for Reporting Cross-border Transactions under DAC6 Rules

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Following the formal adoption by the European Council of the directive to postpone the initial reporting deadlines for “DAC6” by six months, on 1 July 2020 the Romanian Government adopted Emergency Ordinance no. 107/2020 by which it extends the deadline for submission of reports regarding cross-border transactions under DAC6 rules.

The reports now are to be submitted by intermediaries (e.g. lawyers, tax advisers) or relevant taxpayers by 28 February 2021 for transactions which took place between 25 June 2018 and 30 June 2020.  The initial deadline was 31 August 2020.

For transactions carried out between 1 July 2020 and 31 December 2020, the 30-day reporting deadline begins to run no later than 1 January 2021.

In case of marketable arrangements, first reporting is expected by 30 April 2021.

By way of brief reminder, DAC6 requires the identification and reporting of cross-border arrangements involving at least one EU Member State (for these purposes including Romania) and which feature one or more ‘hallmarks’ which the EU considers to be indicative of potentially aggressive tax arrangements.

By Carmen Mazilu, Associate, Noerr

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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