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Romania Draft Bill to Implement EU Directive on Reporting of Cross-Border Arrangements

Romania's Ministry of Finance reportedly published a draft bill on 9 January 2020 for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning arrangements. This includes measures to require the reporting of cross-border tax planning arrangements and the automatic and mandatory exchange of information reported with other EU Member States. The reporting requirement primarily applies to intermediaries that design, market, organize, or manage the implementation of a reportable arrangement. The requirement may also be shifted to a taxpayer in some cases, such as when an intermediary does not report due to professional privilege or a reportable arrangement is designed in-house.

The requirements of the Directive are to enter into force on 1 July 2020, with reportable arrangements to be disclosed within 30 days from the date the arrangement is made available for implementation, the arrangement is ready for implementation, or the first step of the arrangement is implemented. Reportable arrangements must also be disclosed where the first step for implementation was taken between 25 June 2018 and 1 July 2020, with a deadline of 31 August 2020. Failing to comply with the reporting requirements will result in penalties of RON 20,000 to RON 100,000 for non-reporting and late reporting and penalties of RON 10,000 to RON 50,000 for reporting incorrect or incomplete information.

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