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Austria Publishes Guidance on the Application of the EU DAC6 Reporting Requirements — Orbitax Tax News & Alerts

Austria's Ministry of Finance has published final guidance dated 21 October 2020 on the application of the EU DAC6 reporting requirements as implemented in Austria. As with the draft guidance, the final guidance provides information on the taxes covered, the definition of terms, reportable arrangements, hallmarks and main benefit test, deadlines for reporting, etc.

One of the key points of the guidance is that Austria did not exercise the option to provide a deferral of DAC6 reporting, which was exercised by most other EU Member States. However, because the means of reporting arrangements electronically via FinanzOnline could not be made available until 1 October 2020, the initial deadline for reporting was extended to 31 October 2020, without penalties for failing to report earlier. Further it is clarified that this extension applies for the reporting of historical arrangements implemented between 25 June 2018 and 20 June 2020, as well as arrangements that became reportable from 1 July 2020.