On 25.06.2018, the directive (EU) (widely known as DAC6) which amended the directive 2011/17/EU, concerning mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements, entered into force.
The said directive was transposed into Greek law pursuant to L. 4714/2020, which amended L. 4170/2013. By virtue of the aforementioned legislative framework and under the conditions set out within this framework, the Bank under its capacity as intermediary is obliged to file certain specific information that is explicitly stated in L. 4170/2013, article 9AB, paragraph 13, concerning reportable cross-border arrangements, which (information) is within the Bank’s knowledge, possession or control, with the competent national authority, that is the International Economic Relations Directorate of the Ministry of Finance, which will further communicate the said information, by means of an automatic exchange, to the competent authorities of all other EU member states.
It should be mentioned that the issuance of the relevant guidelines by the competent authorities is still pending.
More information and/or the relevant legislation texts concerning DAC6 can be found at the web page of the Independent Authority for Public Revenue, in particular at the section concerning DAC6 automatic exchange of information.
DAC6 is implemented to all taxes that are imposed by, or on the part of, an EU member state.
More specifically, Value Added Tax (VAT), duties, and excise duties do not fall within the scope of DAC6.
Also, DAC6 does not apply in case of mandatory social security contributions, duties for certificates and other documents that are issued by public authorities, or dues of a contractual nature, such as fees to public utilities.
On the basis of the provisions set out in L. 4170/2013, as amended by L. 4714/2020, and is in force:
- Information concerning reportable cross-border arrangements when the first step in their implementation has been made between 25.06.2018 and 30.06.2020, must be filed by 28.02.2021.
- Information concerning reportable cross-border arrangements that are made available or are ready for implementation, or when the first step in their implementation has been made, or when the intermediaries provide help or assistance or advice between 01.07.2020 and 31.12.2020, as well as between 01.01.2021 and 31.01.2021, must be filed within a period of thirty (30) days beginning on 01.02.2021.
- Information concerning reportable cross-border arrangements from 01.02.2021 onwards, must be filed within a period of thirty (30) days beginning as of the dates/events that are set out in article 9AB, paragraph 1 of L. 4170/2013.
It should be mentioned that the issuance of the relevant guidelines by the competent authorities are still pending.
The Bank must comply with the applicable legislative framework of DAC6 on the basis of the information that is within its knowledge, possession or control.
More specifically, the Bank must file specific information which is explicitly stated in L. 4170/2013 (article 9AB, paragraph 13), concerning reportable cross-border arrangements, which (information) is within its knowledge, possession or control, with the competent national authority, that is the International Economic Relations Directorate of the Ministry of Finance, which will further communicate the said information, by means of an automatic exchange, to the competent authorities of all other EU member states.
With regard to reportable cross-border arrangements concerning its clients, the Bank is obliged to file specific information which is explicitly stated in L. 4170/2013 (article 9AB, paragraph 13), which is within its knowledge, possession or control, with the competent national authority, that is the International Economic Relations Directorate of the Ministry of Finance, which will further communicate the said information, by means of an automatic exchange, to the competent authorities of all other EU member states.
From the legislative framework of DAC6, there may emerge obligations also for customers under their capacity as intermediaries or relevant taxpayers.
It is explicitly clarified that such information is provided for your information only, and nothing of those mentioned here above must be considered as being tax, legal, accounting or any other type of advice. In general, it is reminded that the Bank does not provide tax, legal or accounting advice to its customers; the latter must address themselves, with regard to these issues (indicatively, prior to the conclusion of transactions/investments/arrangements, or in relation thereof and/or for the purpose of understanding any individual obligations they may have under the aforementioned legislative framework etc.), to their personal professional and expert advisors (for instance, tax advisors / lawyers / accountants etc.). The Bank does not participate in, nor does it acquire knowledge of, the content of the advice that has been provided by third-party advisors to its customers, as per above.
In compliance with the applicable legislative framework (see L. 4170/2013, as amended by L. 4614/2020, which transposed the directive (EU) 2018/822, widely known as DAC6, into Greek legislation) and under the conditions that are set out in the said framework, Eurobank SA (hereinafter, “the Bank”) under its capacity as an intermediary, is obliged to file specific information which is explicitly stated in the aforementioned legislative framework (article 9AB, paragraph 13 of L. 4170/2013), concerning cross-border arrangements, the implementation of which has begun on 25.06.2018, which (information) is within its knowledge, possession or control, with the competent national authority, that is the International Economic Relations Directorate of the Ministry of Finance, which will further communicate the said information, by means of an automatic exchange, to the competent authorities of all other EU member states.
The said processing – which, as goes without saying, includes transmission – of the said information is realised in the framework of fulfilling the Bank’s obligations that are imposed by the aforementioned legislative framework [lawfulness of processing, article 6, paragraph 1c of the General Data Protection Regulation (EU) 2016/679].
For more information concerning the processing of your data by the Bank, as well as you relevant rights, please read the Bank’s Information Form on the processing of personal data in accordance with the Regulation (EU) 2016/679 and the relevant Greek and EU legislation, which (form) is posted on our web page.